Chorokbaem Media announced on the 11th that it has been granted a 12-month improvement period by the KOSDAQ Market Committee of the Korea Exchange KOSDAQ Market Headquarters. During the improvement period, Chorokbaem Media plans to focus all its efforts on maintaining its listing, including accelerating management stabilization.
When an improvement period is granted, the company must submit a report on the implementation of the improvement plan and an expert’s verification of the implementation results within 15 business days from the end of the improvement period. Subsequently, within 20 days from the submission date, the KOSDAQ Market Committee will decide whether to maintain the listing.
Chorokbaem Media has been continuously making efforts to resume trading quickly and protect minority shareholders. Last month, Chorokbaem Media’s largest shareholder, Citi Property, announced through Samil Accounting Corporation that it would publicly sell all shares and management rights of Chorokbaem Media. The company explained that the sale would improve the governance structure and resolve the reasons for the delisting substantive review resolution.
A Chorokbaem Media official said, “Since we have been granted the improvement period through this appeal, we will faithfully implement the improvement plan to promptly stabilize management and resolve the reasons for delisting,” adding, “We will concentrate all company-wide capabilities to ensure that trading can resume at the KOSDAQ Market Committee meeting held at the end of the improvement period.”
Chorokbaem Media has continued strong performance centered on program production and broadcasting channel business. As of the third quarter of last year, consolidated cumulative sales increased by 14.52% year-on-year to 166.5 billion KRW. Operating profit during the same period rose by 146.13% to 5.8 billion KRW, and net profit turned positive, recording 33.7 billion KRW.
Recently, ‘Yeolnyeo Bakssi Gyeyak Gyeolhonjeon’ produced by Chorokbaem Media attracted great attention and concluded on the 6th. The drama received significant interest not only domestically but also on the global online video streaming platform ‘Viu,’ ranking first in weekly viewership for three consecutive weeks in Hong Kong and Indonesia.
Following last year, Chorokbaem Media plans to continue producing numerous highly acclaimed “well-made contents” this year to maintain its reputation as a prestigious drama producer in the global market.
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