CoAsia Optics to Resume Trading on 24th... "Leap to Global Lens Company"

[Asia Economy Reporter Yoo Hyun-seok] Optical lens specialist company Koasia Optics will resume trading after about 10 months.

On the 24th, Koasia Optics announced, "Following the decision of the Corporate Review Committee of the Korea Exchange KOSDAQ Market Headquarters, the listing will be maintained." The opening price upon resumption of trading will be set between 50% and 200% of the suspension price (2,055 KRW).

Koasia Optics had its trading suspended since July due to allegations of capital market law violations by the former management and was designated for a substantial review of listing eligibility. Since then, the company has completed business normalization through governance improvements by changing the largest shareholder and enhancing management efficiency in non-core businesses.

The current largest shareholder is Koasia Cape No.1 New Technology Business Investment Association (35.68%). Koasia, a KOSDAQ-listed company, participated in this fund as a strategic investor (SI). Koasia’s core management team is directly involved in management and has actively supported maintaining the listing. They explained that management transparency has been strengthened.

Going forward, Koasia Optics is expected to create synergy with Koasia CMBNA, a camera module subsidiary of Koasia, leveraging its technological capabilities and overseas sales network. Koasia CMBNA is a first-tier supplier to Samsung Electronics, providing camera modules for smartphones.

A Koasia Optics official stated, "The efforts and responsible management of Koasia Group’s core executives played a major role in the decision to maintain the listing," adding, "This is the result of achieving structural improvement as an optical lens specialist company while pursuing sustainable synergy with the Koasia Group."

He continued, "Through responsible management and structural improvement, we succeeded in turning a profit in the first quarter," emphasizing, "We will leap forward as a sound global lens company based on the largest production capacity in Korea and our production base in Vietnam."

Koasia Optics recorded consolidated sales of 20.9 billion KRW and an operating profit of 700 million KRW in the first quarter. Sales increased by 51% compared to the same period last year, and operating profit turned positive. Net profit for the same period reached 2.7 billion KRW.