KOSEN "BioGenics Korea Singapore Stock Exchange Listing MOU"

[Asia Economy Reporter Hyunseok Yoo] Kosen announced on the 17th that it signed a Memorandum of Understanding (MOU) on the 14th for the listing of its subsidiary, BioGenics Korea, on the Singapore Exchange (SGX).

Kosen selected advisors and agencies within Singapore for the listing of BioGenics Korea on the Singapore Exchange. It also held investor relations (IR) sessions targeting potential investors, selected the target company through consultations with listing candidates, and signed the MOU.

A company representative stated, "The MOU specifies the procedures, timeline, and roles of each party for the listing of BioGenics Korea in detail. Prior to the MOU, the advisor for BioGenics Korea’s listing, TARDIS CAPITAL, made an initial investment of 2 million USD in BioGenics Korea and signed a Cooperation Agreement to additionally invest 10 to 15 million USD in the newly listed company, thereby commencing the formal procedures for the SGX listing."

Kosen emphasized that over the past five months, it conducted thorough analysis and verification of BioGenics Korea’s competitiveness, technology, exclusivity, and market size from the perspectives of SGX, potential investors, and listing target companies in Singapore, which led to the signing of this MOU. They explained that, based on the premise that further verification of corporate value is completed, the formal listing process will proceed.

The company representative added, "The ongoing listing will be conducted through a Reverse Take Over (RTO) method targeting companies already listed on SGX. Since the initial corporate value of BioGenics Korea at the time of listing will not be lower than its corporate value in 2018, the corporate value of BioGenics Korea is expected to gradually increase once the SGX listing is completed."