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Binggrae |
[Alpha Biz= Kim Sangjin] Binggrae's stock price saw a sharp decline last Friday, attributed to the withdrawal of its corporate split and transition to a holding company plans.
According to the Korea Exchange, Binggrae's stock closed at KRW 73,400, marking a 6.62% drop compared to the previous trading day. During the day, the stock had plummeted by nearly 11%.
On the previous trading day (January 24), Binggrae announced through a public disclosure that it had decided to withdraw its corporate split plan and the related documents.
The company explained that the decision to cancel the plans was based on feedback from stakeholders, highlighting the need for a clearer plan to enhance shareholder value. It was deemed more appropriate to revisit the split and holding company plans once future business directions became more clear.
In November 2024, Binggrae had unveiled a plan to create a new company, tentatively called Binggrae, focusing on the independent operation of food and beverage production and sales, while the existing company would be renamed Binggrae Holdings, transitioning into a holding company to strategically manage investments and business portfolios.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
