Exchange Receives Preliminary Review Application for Re-Listing of Daehan Steel Split
[Asia Economy Reporter Kwangho Lee] The Korea Exchange's KOSPI Market Headquarters announced on the 24th that it has received the preliminary re-listing examination application for the spin-off re-listing of Daehan Steel.
Daehan Steel, a primary steel manufacturer established in June 1954, was listed on the KOSPI market in October 2005. As of this date, 18 individuals including President Chihoon Oh of Daehan Steel own 70.1% of the common shares.
Daehan Steel plans to spin off its steelmaking and rolling business divisions to establish a new company tentatively named Daehan Steel Co., Ltd., and re-list it.
On this day, Daehan Steel announced its decision on the company split. The surviving company after the split, tentatively named DHO Co., Ltd., will engage only in businesses such as managing subsidiaries and investee company shares and making new investments. The split date is scheduled for April 1 of next year.
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Last year, Daehan Steel recorded sales of 1,146.7 billion KRW and an operating profit of 120 billion KRW. The net profit for the period was 96.9 billion KRW.
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