The Board of Hyosung Corporation (KOSE:A004800) announced the spin-off of Logistics Business Segment on February 23, 2024. As per the transaction, Hyosung Advanced Materials Co., Ltd., Hyosung Information Systems Co. Ltd, Hyosung toyota Corporation, The Kwangju Ilbo Co., Ltd., Hyosung Holdings Usa, Inc., Hyosung Global Logistics Vina Co., Ltd will be split into a new company with tentative name Hyosung New Holding Co., Ltd. Hyosung Corporation shareholders will receive 0.182052 of new company share for each share held.

As of May 10, 2024, the proposed new name is HS Hyosung Co., Ltd.. As of December 31, 2023, Logistics Business Segment generated total assets of KRW 503.9 billion, total debt of KRW 41.9 billion and total capital of KRW 461.9 billion. The transaction is expected to close on July 1, 2024.

As of May 31, 2024, the record date is June 28, 2024.