CJ Olive Young Halts IPO Process..."Decision Made Considering Current Market Conditions"

"Difficulty in Properly Evaluating Corporate Value"

[Asia Economy Reporter Lim Chun-han] CJ Olive Young, which had been pursuing an initial public offering (IPO) within the year, has temporarily halted its listing process.

A CJ Olive Young official stated on the 2nd, "Considering the current market conditions, there were shareholder opinions that it would be difficult to receive a proper valuation of the company."

CJ Olive Young selected an underwriter last November and had been working towards a listing within the year. However, due to the sluggish stock market and major corporations consecutively withdrawing their public offerings, the company decided to suspend the listing process without filing a preliminary review request. The timing for resuming the listing process remains undecided at this point.

Since CJ Olive Young is considered an affiliate closely linked to the CJ Group owner's succession plan, it appears they judged that there was no need to force a listing under circumstances where obtaining a proper valuation was difficult. The largest shareholder of CJ Olive Young is CJ Corporation, holding 51.15% of the shares. Lee Sun-ho, the son of CJ Chairman Lee Jae-hyun and a management leader at CJ CheilJedang, holds 11.04%, and Lee Kyung-hoo, the daughter and a management leader at CJ ENM, holds 4.21%.

This content was produced with the assistance of AI translation services.