Shinsung Tongsang, a fashion company owning brands such as TopTen and GioGia, attempted a tender offer for voluntary delisting but failed to reach the required shareholding ratio.
According to the Financial Supervisory Service's electronic disclosure system on the 24th, Shinsung Tongsang conducted a tender offer from the 21st to the 22nd of last month for the remaining 22.02% (31,644,210 shares) excluding shares held by the largest shareholder Canaan and related parties, resulting in the purchase of 5.9% (8,466,108 shares). Consequently, the shares held by Canaan and related parties increased from 77.98% to 83.88%, but fell short of the 95% required for delisting.
In the securities industry, the tender offer price of 2,300 KRW was considered below shareholders' expectations. On the same day, Shinsung Tongsang closed trading at 2,510 KRW, up 230 KRW (10.09%) from the previous day.
On the 21st of last month, Canaan and the second-largest shareholder, Asian Fashion, announced that they would tender all shares not held by the largest shareholder and related parties for the purpose of voluntary delisting.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
