Ubiquoss Inc. (KOSDAQ:A078070) announced the spin-off of network business segment on October 7, 2016. The spin-off newly established corporation and the company after spin-off will have 0.2416960: 0.7583040 spin-off ratios. Following the spinoff, Ubiquoss Inc. will be renamed as Ubiquoss Holdings Inc. and the newly formed entity containing the network business segment will be named as Ubiquoss Inc. As of June 30, 2016, network business segment had total assets of KRW 84.8 billion.

Board of Directors of Ubiquoss Inc. made a resolution in favor of the transaction on October 7, 2016. As of January 25, 2017, shareholders of Ubiquoss approved the transaction. The spin-off due date and the record date for new shares allotment is March 1, 2017.

Following completion, Ubiquoss Holdings Inc. will hold 11.83% stake in Ubiquoss Inc. The deal is expected to complete and shares are expected to be listed on March 31, 2017.