Shinsegae Construction, which is undergoing high-intensity restructuring, is pushing for a voluntary delisting. This is to simplify the governance structure, swiftly reorganize the business, and accelerate management normalization.
According to the distribution industry on the 29th, Emart will conduct a public tender offer for 2,120,661 registered common shares of Shinsegae Construction, a KOSPI-listed company, from the 30th of this month to the 29th of next month, for a period of 30 days. This represents 27.33% of the total issued shares.
Emart plans to purchase all remaining shares except for the 5,468,461 common shares (70.46%) it currently holds and the 171,432 treasury shares (2.21%) of Shinsegae Construction.
For a KOSPI-listed company to voluntarily delist, the major shareholder must secure more than 95% of the shares excluding treasury shares.
The purpose of this tender offer is known to be to simplify the governance structure, establish an efficient decision-making system, swiftly reorganize the business structure, and promote management normalization.
It also aims to protect investors holding Shinsegae Construction shares and to practice responsible management as the largest shareholder.
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