[Market Focus] Iljeong Industrial Soars to Upper Limit on Stock Split Announcement

Iljeong Industrial, a company specializing in the production of automotive seat fabrics, is hitting the upper price limit in early trading on September 25 after announcing a planned stock split.

As of 10:07 a.m. on this day, shares of Iljeong Industrial were trading at 14,820 won on the Korea Exchange, up by the daily maximum of 30.0%. The stock surged to the upper price limit immediately upon market opening.

The previous day, Iljeong Industrial disclosed that it had decided to implement a 5-for-1 stock split, reducing the par value per share from 5,000 won to 1,000 won. The number of issued shares will increase from 1.2 million to 6 million. A stock split lowers the par value of each share by a certain ratio while increasing the number of shares in circulation by the same proportion. Although this does not change the company's intrinsic value, it can lead to more active trading.

Iljeong Industrial plans to submit the proposal at an extraordinary general meeting of shareholders scheduled for November 11. The effective date for the issuance of new shares is November 27. Trading will be suspended from November 26 to December 12, and the new shares are expected to be listed on December 15.

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