[Public Notice+] Incon Decides on Stock Consolidation... "To Stabilize Stock Price and Enhance Value"

[Asia Economy Reporter Hyunseok Yoo] Incon announced on the 21st that it held an extraordinary general meeting of shareholders and decided to consolidate its common stock with a par value of 200 won per share into shares with a par value of 500 won. After the consolidation, Incon's common shares will decrease from 86 million to 34 million shares.

The new shares will be listed on September 25. Trading of Incon shares will be suspended from September 9 to September 24.

Incon plans to reduce stock price volatility and maintain the number of circulating shares to stabilize the stock price through this consolidation. An Incon official stated, "This consolidation is a 'stock consolidation' that maintains corporate value, not a 'capital reduction' that decreases capital," and added, "Fractional shares less than one share resulting from the consolidation will be paid in cash based on the closing price on the first day the new shares are listed."

He continued, "Recently, due to government real estate policies and COVID-19, a large amount of funds has flowed into the stock market, causing overheating. While this is positive in terms of liquidity inflow, speculative forces have also entered, causing many companies' stock values to be undervalued. Through this consolidation, Incon aims to stabilize the value of its shares and create an upward trend."

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