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Japanese duty-free store operator applies to go public on Kosdaq

Collected: 2017.11.07

Distributed: 2017.11.08

Source: Go Direct

Japan Tourism Corporation Co. (JTC), an operator of duty-free stores in Japan, has requested Korea Exchange for preliminary examination to list its shares on South Korea’s minor bourse Kosdaq, the country’s securities exchange operator said on Monday.

Two other companies - General Bio Co. and Osteonic Co. - also made the request in a move to have their shares traded on Seoul’s secondary stock market.

JTC, which operates duty-free stores in Japan, raised 25.3 billion won ($22.6 million) in operating income last year on sales of 502.6 billion won. Its net profit came to 14.1 billion won. If approved, JTC will be the first Japanese company to advance into the Korean stock market in five years after SBI Axes Co. - currently SBI FinTech Solutions Co. - was listed on Kosdaq in December, 2012.

General Bio, a Korean manufacturer of cosmetics and functional foods, raised 4.1 billion won in operating income last year on sales of 16.4 billion won. Net profit reached 3.5 billion won. Osteonic, a Korean manufacturer of medical devices such as metal and biomaterial base products, will be moving from the country’s tertiary bourse Konex. Last year, the company raised 1.5 billion won in operating income on sales of 6.6 billion won.

According to Korea Exchange, a total of 107 companies have submitted requests for preliminary examination this year including the latest three applicants. Currently, 23 companies are under examination including two foreign entities.

By Hong Jang-won and Lee Eun-joo

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