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Biz News Korea(Eng)

Ildong Pharmaceutical to separate businesses

Collected: 2016.03.11

Distributed: 2016.03.14

Source: Go Direct

Ildong Pharmaceutical Co. will separate its investment business to set up a holding company, it said in a disclosure statement Wednesday.

According to Ildong Pharmaceutical, it will separate its investment, medicine, bio and health supplement, hyaluronic acid and filler businesses. After the spin-off, the existing company will become a holding company, Ildong Holdings, dedicated to investment business. The new spin-off entity, tentatively named Ildong Pharmaceutical, will take care of the pharmaceutical business. The old entity and the new company will be split into a ratio of 0.288 to 0.711. The new company shares will be relisted on the main bourse.

Two new subsidiaries are tentatively named Ildong Bioscience and Ildong Hyaltech. Ildong Bioscience will be devoted for the bio and health supplement businesses, while Ildong Hyaltech will be responsible for the hyaluronic acid and filler businesses. They will remain unlisted.

The spinoff is scheduled for Aug. 1.

By Yong Hwan-jin

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