As of 9:03 a.m. on August 8, Kolon Mobility Group was trading at 3,990 won, up 20% (665 won) from the previous day. The preferred shares, Kolon Mobility Group Preferred, even hit the upper price limit.
Investor sentiment was boosted by news of Kolon Mobility Group's delisting. The holding company, Kolon, held a board meeting the previous day and decided to make its subsidiary, Kolon Mobility Group, a wholly owned subsidiary through a comprehensive stock swap. As a result, Kolon Mobility Group will become a 100% wholly owned subsidiary of Kolon and will be converted into an unlisted company following the necessary procedures. Kolon explained that this stock swap decision will enable management efficiency as a wholly owned subsidiary, creating conditions for a more flexible and swift business restructuring.
To protect investors, Kolon will carry out a public tender offer for existing shareholders from today until September 8, a period of one month. The company plans to purchase up to 14,106,659 common shares at 4,000 won per share, and up to 876,117 preferred shares at 5,950 won per share, for a total of 61.64 billion won.
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