[Public Notice+] Trading Halted Sehwa IMC, 2019 Audit Opinion 'Unqualified'... "Speeding Up Business Normalization"

[Asia Economy Reporter Yoo Hyun-seok] Sehwa IMC, a specialized company in tire mold and manufacturing machinery production that has been under a long-term trading suspension, is accelerating its management normalization after receiving a 'clean' audit opinion for 2019.

Sehwa IMC announced on the 20th through the disclosure of its audit report that it was not subject to the previously problematic 'going concern uncertainty' clause.

The company stated that since the change of its largest shareholder earlier this year to Woosung Corporation, a small and strong company located in Jeollanam-do, it has been expanding its domestic and international business networks comprehensively. Based on this, the sales situation is also encouraging, and the company plans to gradually regain its status as the world's number one in the tire mold sector through steady performance growth.

Sehwa IMC, which has been suspended from trading on the KOSPI market since February 2018, has raised expectations for resuming trading with this clean audit opinion. The uncertainties regarding the going concern, which the Korea Exchange had cited as an issue, have been resolved with the clean audit report, and the allegations of embezzlement and breach of trust by the founding former management have also been settled following the recent first-instance ruling by the Gwangju District Court, which handed down a prison sentence.

Son Dong-oh, CEO of Sehwa IMC, said, “On the 9th and 30th of next month, we will submit the review request and implementation checklist regarding the past audit opinions and former management issues, and enter the Korea Exchange’s substantive review.” He added, “With the creditor group’s fund management leader residing at the company to oversee all cash flows and transparent accounting management in place, and Sehwa IMC’s business activities showing remarkable operational improvements, we will strive to achieve positive results.”

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