Suseong Webtoon announced on the 27th that the stock consolidation is a "preparatory process to enhance corporate image and receive an appropriate corporate value evaluation."
Previously, Suseong Webtoon decided on a 10-to-1 reverse stock split of common shares, and trading of the stock was suspended. From the 24th, trading of new shares with a face value of 5,000 won began. Due to the consolidation, the number of issued shares decreased from 171.46 million to 17.15 million.
Suseong Webtoon has subsidiaries including Future Hightech, a semiconductor test equipment and parts company, and the webtoon platform Toomics, based on its logistics business division focused on logistics machinery and electric forklifts.
Suseong Webtoon plans to acquire an additional 30% stake in its subsidiary Toomics, which has sales of 60 billion won and operating profit in the 10 billion won range, to make it a wholly owned subsidiary. Suseong Webtoon expects that acquiring 100% of Toomics shares will increase consolidated sales to 130 billion won next year and raise the operating profit margin to around 15%.
CEO Yoo Young-hak of Suseong Webtoon said, "Next year, Future Hightech's high-bandwidth memory (HBM) equipment will be delivered in full scale, and additional orders are expected," adding, "Considering the increase in sales and improvement in operating profit from Toomics' consolidation, we anticipate an increase in corporate value."
He continued, "Above all, Toomics has a stable platform, with 60 million global members and 80% of sales coming from overseas, which is a strength," emphasizing, "Compared to other webtoon companies listed on the KOSDAQ market, we believe there is potential for growth."
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