[Market Focus] Shinsung Tongsang, Owner of Topten and Ziozia, Hits Upper Limit on Tender Offer Plan

Shinsung Tongsang, an apparel manufacturer that owns brands such as Topten and Ziozia, hit the upper price limit in early trading on June 9 after launching a tender offer to delist the company from the stock market.

As of 9:30 a.m. on this day, Shinsung Tongsang shares were trading at 3,925 won on the Korea Exchange, up 29.97%, the maximum daily increase allowed.

Previously, the company's first and second largest shareholders, Ganaan and Asian Fashion, announced that they would conduct a voluntary tender offer for 16.13% of Shinsung Tongsang's shares until July 9, aiming for a delisting. The tender offer price is set at 4,100 won per share. Currently, Ganaan, Asian Fashion, and their related parties collectively hold 87.83% of Shinsung Tongsang's shares. If the targeted shares are successfully acquired, their total stake will exceed 95%, meeting the requirement for delisting.

Shinsung Tongsang previously attempted to delist through a tender offer in June 2024 as well. At that time, the tender offer price was 2,300 won per share. However, the attempt failed due to opposition from individual investors demanding shareholder returns.

Founded in 1968, Shinsung Tongsang became part of the Daewoo Group in the mid-1980s. However, after the Daewoo Group was dissolved due to the foreign exchange crisis, Shinsung Tongsang was sold to Ganaan in 2002.