Celltrion Inc., a South Korean biopharmaceutical company and the No. 1 stock on the secondary Kosdaq by market capitalization, has decided to move to the bigger Kospi. Relisting will be possible early next year at the earliest.
The biopharmaceutical firm held an extraordinary shareholders meeting on Friday to vote on the petition from minority shareholders asking for the move to the Kospi to help the stock value and protection from volatile short-selling. A 51.4 percent of entire shareholders with voting rights attended the meeting and voted in favor of the transfer.
Following the vote results, Cellrion will submit an application to exit the secondary bourse and take necessary steps to join the main Kospi. Celltrion is yet to select an underwriter for the renewed offering.
Kim Hyung-ki, chief executive of Celltrion prior to the shareholders meeting told reporters that he expects re-listing on Kospi to take place in either January or February next year, depending on the stock operator’s review process.
Market experts forecast that Celltrion would become the 17th largest stock based on market capitalization in the primary Kospi as its current market cap reaches nearly 17.5 trillion won ($15.3 billion).
The stock is expected to join the top 200 index March next year.
Shares of Celltrion finished Friday at 142,000 won, down 2,000 won or 1.39 percent from the previous session.
By Han Ye-kyung
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]