[Featured Stock] Namyang Dairy Products, Two Consecutive Days of Decline Following Failed Sale... Down 5%
[Asia Economy Reporter Song Hwajeong] Namyang Dairy Products has continued its decline for the second day following the news of the failed sale.
As of 9:49 AM on the 2nd, Namyang Dairy Products was traded at 516,000 KRW, down 31,000 KRW (5.67%) compared to the previous day.
On the previous day, Chairman Hong Wonsik of Namyang Dairy Products announced in a statement that he had notified the private equity firm Hahn & Company (Hahn & Co) of the termination of the stock purchase agreement. On May 27, Chairman Hong and Hahn & Co had signed a stock purchase agreement for the sale of 53.08% of shares held by Chairman Hong’s side for 310.7 billion KRW.
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The Korea Exchange has announced its intention to designate Namyang Dairy Products as an unfaithful disclosure corporation due to the reversal of a major management disclosure related to investment decisions.
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