[Market Focus] Dongwon Industries Surges Over 5% After Completing Dongwon F&B Subsidiary Integration

On August 4, Dongwon Industries surged over 5% in early trading following news that it had completed the process of making Dongwon F&B its wholly owned subsidiary.

As of 9:40 a.m. on this day, Dongwon Industries shares were trading at 45,850 won on the Korea Exchange, up 5.04% from the previous trading day. The stock opened at 45,350 won and at one point during the session soared to 46,500 won.

Dongwon Industries announced that it had finalized the procedure of incorporating Dongwon F&B as a 100% subsidiary through a comprehensive stock swap. In April, Dongwon Group had stated its intention to pursue a comprehensive stock swap between Dongwon Industries and Dongwon F&B to expand exports and restructure its business. Over approximately four months, the process included board resolutions and a shareholders' meeting, and as of July 31, Dongwon F&B was delisted and Dongwon Industries completed the issuance of new shares.

Going forward, Dongwon Group plans to accelerate collaboration, exports, and pilot projects among its food affiliates, centering on Dongwon F&B.