[Asia Economy Reporter Minwoo Lee] Binggrae is recording a limit-up from the early trading session as news spreads that it will acquire the ice cream business of Haitai Confectionery & Foods.
As of 10 a.m. on the 1st, Binggrae's stock price rose to 62,600 KRW, hitting the daily price limit increase of 29.88% compared to the previous day. The decision to acquire Haitai Ice Cream, a subsidiary of Haitai Confectionery & Foods, appears to have acted as a positive factor.
Previously, Binggrae announced that it decided to purchase 100% of Haitai Ice Cream's shares (1 million shares) for 140 billion KRW. Haitai Ice Cream is a newly established subsidiary created in January when Haitai Confectionery & Foods spun off its ice cream division. It owns popular products such as Bravo Cone and Babamba. Last year's sales were around 180 billion KRW, making it one of the industry's 'Big 4'.
Meanwhile, Haitai Confectionery & Foods also surged on the news of the acquisition. At the same time, its stock was trading at 8,990 KRW, up 25.38% from the previous day.
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