On July 31, the Korea Exchange KOSPI Market Division announced that it had determined Samyang Holdings to be eligible in the preliminary review for relisting following its planned spin-off.
Samyang Holdings plans to spin off its pharmaceutical and bio division as a new entity tentatively named Samyang Biopharm and relist it. According to the industry, the spin-off ratio between the surviving company, Samyang Holdings, and the newly established Samyang Biopharm is 0.9039233 and 0.0960767, respectively.
Samyang Holdings is currently managed under the joint leadership of Um Taewoong and Kim Kyungjin. After the spin-off, Samyang Holdings will be led by CEO Um Taewoong, while Samyang Biopharm will be headed by CEO Kim Kyungjin, who will oversee the group’s pharmaceutical and bio business.
On the same day, the exchange also announced that it had determined Myungin Pharmaceutical to be eligible in the preliminary review for a new listing. Established in November 1988, Myungin Pharmaceutical is engaged in the manufacturing and sales of various prescription and over-the-counter drugs. Last year, the company recorded sales of 269.6 billion KRW and an operating profit of 90.1 billion KRW.
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