GS Retail's Split Corporation 'Parnas' Passes Preliminary Review for Re-Listing

Split on December 16... Listing in January next year

Parnas Holdings (tentative name), a planned spin-off corporation of GS Retail, has passed the preliminary review for re-listing.

On the 26th, the Korea Exchange announced that the preliminary review results for the re-listing of Parnas Holdings' stock confirmed that it meets the listing requirements of the KOSPI market and is eligible for re-listing.

Earlier last month, GS Retail announced its plan to pursue a spin-off of Parnas Hotel to enhance shareholder and corporate value.

Accordingly, the company will be divided into GS Retail and the newly established Parnas Holdings, under which Parnas Hotel, currently a GS Retail subsidiary, and the meat processing company Fresh Meat will be included.

The spin-off date is set for December 26, with a split ratio of GS Retail 0.8105782 and Parnas Holdings 0.1894218. The new corporation is scheduled to be listed on January 16 of next year.