[Special Stock] OSP Rises 15% on News of Acquiring Pet Food Company 'Bauwau Korea'

[Asia Economy Reporter Minji Lee] OPS is experiencing a rise of over 13% during trading hours following news of its acquisition of Bowwow Korea, a comprehensive pet food company for companion animals.

At 9:25 a.m. on the 21st, OSP was trading at 6,570 KRW, up 15.87% from the previous trading day. The company's stock price even surged to 6,790 KRW during the session.

On the previous day, OSP announced that it would acquire 381,458 shares (49.86%) of Bowwow Korea. The acquisition amount totals 18.3 billion KRW, which corresponds to 122.86% of its equity capital. The company stated, "This move is aimed at becoming a global comprehensive pet food specialist by establishing a one-stop system for the development, manufacturing, distribution, and sales of various pet foods." Earlier, OSP had signed a strategic business agreement (MOU) with Bowwow Korea to develop high-functional pet food products and expand into overseas markets, strengthening mutual cooperation across the entire pet food business.

Bowwow Korea is a manufacturer of pet snacks. Last year, it recorded sales of 13.22 billion KRW and an operating profit of 1.86 billion KRW. In the first half of this year, it posted sales of 6.85 billion KRW and an operating profit of 1.15 billion KRW.