The board of OCI Company Ltd. (KOSE:A010060) intent to spin-off its Chemical and carbon chemical divisions on November 23, 2022. OCI will spin off its chemical units and transform itself into a holding company 'OCI Holdings (tentative name)'. The board of directors decided to spin off two major arms, the basic chemical and carbon chemical divisions, and set up a new corporation for the units. OCI will be separated into a holding firm and a new chemical corporation, which will absorb the two units. The existing shareholders will be allocated stocks in a 68.8:31.2 ratio between the holding firm and the new entity. The record date of the transaction is April 28, 2023. The transaction is expected to close on May 1, 2023. The scheme needs to be confirmed at the general meeting of shareholders in March 2023. As on March 22, 2023, shareholders of OCI approved the transaction. The new corporation is scheduled to be listed on May 29, 2023.

The board of OCI Company Ltd. (KOSE:A010060) completed the spin-off its Chemical and carbon chemical divisions on May 1, 2023.