Innox Corporation (KOSDAQ : A088390) agreed to spin-off 90.06% stake in INNOX Advanced Materials on January 6, 2017. INNOX Advanced Materials will be the newly established with the reduced capital of 69.91175%. The record date for the transaction is May 31, 2017.

The newly established company, INNOX Advanced Materials will be listed on KOSDAQ market as well as the resultant shares of the remaining company, INNOX Corporation. INNOX Advanced Materials had total assets of approximately KRW 170 billion and revenues of approximately KRW 150 billion as of September 30, 2016. Innox Corporation should get the approval of more than 2/3 of the voting rights of the present shareholders and more than 1/3 of the total number of issued shares or this spin-off might be called-off from the general meeting of shareholders.

The transaction was resolved by the Board of Innox on January 6, 2017. The shareholder's meeting will be held on April 28, 2017. The transaction is expected to be completed on June 1, 2017.

The scheduled delivery date of the new shares is July 7, 2017. As on April 28, 2017, the shareholders of Innox Corporation approved the deal.