Cheryong Industrial Co. Ltd. (KOSE: A033100) agreed to spin off its metal and synthetic resin division on August 16, 2011. The spin-off ratio of Cheryong Industrial and the spun-off division is 0.6:0.4 respectively. The spun-off division will form a public company. The spun off division will be renamed Cheryong Industrial Co., Ltd. and the heavy electric machineries business segment of Cheryong Industrial will be renamed Cheryong Electric Co., Ltd. The transaction was approved by Board of Directors of Cheryong Industrial on August 16, 2011. The transaction is subject to approval of shareholders of Cheryong Industrial in a meeting scheduled to be held on September 29, 2011. The transaction is expected to close on November 1, 2011. As of September 29, 2011, the deal was approved by the Cheryong Industrial shareholders. Cheryong Industrial Co. Ltd. (KOSE: A033100) completed the spin off of its metal and synthetic resin division for KRW 47.59 billion on February 13, 2012. The spun off entity will trade as Cheryong Industrial Co. Ltd. and Cheryong Industrial Co. Ltd. (KOSE: A033100) has changed its name to Cheryong Electric Co.,Ltd.