The Board of Soulbrain Co.,Ltd. completed the spin-off of Manufacturing division of Soulbrain Co.,Ltd.
July 01, 2020
Share
The Board of Soulbrain Co.,Ltd. (KOSDAQ:A036830) announced the spin-off of Manufacturing division of Soulbrain Co.,Ltd. on January 22, 2020. Shareholders of Soulbrain shall be divided by the method of personnel division in which shares of a newly split new company are allocated in proportion to the shareholding ratio at the date of the new share allocation. The spin-off ratio for assignment of shares is 0.4470885. However, among the businesses operated by the divided companies, the manufacturing division ("divided target business division") is divided to establish a new split-division company, and the divided companies remain in the investment business division. Fractional shares of less than 1 share shall be paid in cash at the closing price of the relisting date of the new shares of a new spin off Soulbrain Co.,Ltd. After the split, the newly issued shares of the newly split company will be re-listed on the KOSDAQ market after the re-listing under the KOSDAQ listing rules of the Korea Exchange. Post spin off completion, the surviving Company name will be Soulbrain Holdings Co.,Ltd. (tentative name). As at September 30, 2019, the business reported total assets of KRW 502.6 billion and total capital of KRW 358.3 billion. New stock allocation date is June 30, 2020 and scheduled listing of new shares date is August 6, 2020. Scheduled date of shareholders' meeting is May 14, 2020. Expected period of suspension of trading is from June 29, 2020 to August 5, 2020. The day of spin off shall be July 1, 2020.
The Board of Soulbrain Co.,Ltd. (KOSDAQ:A036830) completed the spin-off of Manufacturing division of Soulbrain Co.,Ltd. on July 1, 2020. Soulbrain divided the company into a holding company and a business company, as announced earlier. Soulbrain Holdings will be the surviving corporation and Soulbrain the spin-off that will continue its previous businesses.
Soulbrain Co Ltd is a Korea-based company mainly engaged in the manufacture and sale of information and technology (IT) materials. The Company is engaged in the semiconductor materials business, display materials business, secondary battery materials business, electronic materials business, and bio-health care business. The semiconductor materials business manufactures and sells semiconductor materials such as etching and cleaning solutions. The display materials business produces and supplies major parts for panels such as thin glasses. The secondary battery materials business produces electrolytes and lead tabs, and is also engaged in the development of mid-to-large-sized battery materials. The electronic materials business mainly develops and produces electronic materials necessary for the process of solar power generation, and electric vehicles. The bio-healthcare business mainly produces and sells cell therapy products and bio-materials necessary for the cosmetics business.