[Featured Stock] Ginitics Soars to Upper Limit on News of Acquiring AproBio

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Genitics surged to the upper limit price on the 27th following news of its acquisition by AB ProBio.

From the market opening that day, Genitics was traded at the upper limit price of 2,690 KRW, up 29.95% (620 KRW) compared to the previous day.

Earlier, AB ProBio announced through a disclosure the day before that it had signed a stock transfer agreement to acquire 30.91% (11,049,646 shares) of Genitics for 37 billion KRW.

Genitics, established in 2000, is a fabless company specializing in semiconductor circuit design, designing system semiconductors applied to mobile devices such as smartphones, wearable devices, and various home appliances.

Meanwhile, as of 9:27 AM that day, AB ProBio was trading about 3% higher compared to the previous day.