[Featured Stock] CIS Surges Over 13% on Acquisition Bidding Frenzy News
[Asia Economy Reporter Hwang Yoon-joo] CIS is soaring over 13% following news that conglomerates such as LG and Hanwha are considering participating in the preliminary bidding for the sale of CIS's management rights.
As of 10:26 AM on the 10th, CIS is trading at 17,600 KRW, up 13.18% (2,050 KRW) compared to the previous day.
According to media reports from the previous day, KB Securities, the lead manager for the sale of CIS, plans to conduct the preliminary bidding on the 30th of this month. CIS is a manufacturer of secondary battery electrode process equipment.
The sellers plan to sell a total of 26% of shares, including those held by the largest shareholder SBI Investment and ST Leaders Private Equity (PE), as well as some shares of CEO Kim Su-ha, who was a former major shareholder.
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Companies showing interest in the acquisition include LG, Hanwha, LS, Kolon, and Mando. These companies are expected to either have plans to expand their secondary battery-related businesses or to create synergies.
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