SillaJen Faces Crucial Day, Decision on Resuming Stock Trading to Be Made on the 18th

[Asia Economy Reporter Ryu Tae-min] The fate of ShillaJen, a KOSDAQ-listed company whose stock trading has been suspended for nearly two years due to embezzlement and breach of trust by its management, is expected to be decided on the 18th of this month.

According to the financial investment industry on the 16th, the Korea Exchange will hold a Corporate Review Committee meeting for ShillaJen on the 18th. If ShillaJen's listing eligibility is recognized by the Corporate Review Committee, stock trading will resume. Conversely, if a delisting decision is made, the KOSDAQ Market Committee will convene within 20 business days to decide on delisting or granting a period for improvement.

ShillaJen's stock trading was suspended in May 2020 after former CEO Moon Eun-sang and other former executives were arrested and indicted on charges of embezzlement and breach of trust, triggering a substantial review of listing eligibility. The Corporate Review Committee meeting held in August 2020 failed to conclude the related review, and a one-year improvement period was granted in November of the same year. After the improvement period ended, ShillaJen submitted a report on the implementation of its improvement plan on December 21 of last year.

According to ShillaJen's quarterly report, as of the end of 2020, the number of minority shareholders was 174,186, holding 92.60% of the shares.