EcoPro BM shares spike on planned Kospi transfer

2024.02.28 10:57:25

[Courtesy of EcoPro BM Co.]이미지 확대

[Courtesy of EcoPro BM Co.]

EcoPro BM Co., the top stock by market capitalization on Kosdaq, surged over 10 percent in early trading on Wednesday after the company confirmed the process of transferring its listing to main bourse Kospi.

Shares of EcoPro BM was trading at 265,000 won ($199) as of 9:16 a.m. on Wednesday, up 12.05 percent compared to the previous trading day on the Kosdaq market.

The rally comes after EcoPro BM announced through a public disclosure on the previous day that it will hold a shareholder meeting on March 26, where the approval for delisting from Kosdaq will be presented.

“Conditional on the approval of the listing from the Korea Exchange, the company plans to proceed with the delisting from Kosdaq and listing on the main bourse.”

On February 7, the company had revealed during an earnings call that it was considering the Kospi listing as part of its efforts to enhance shareholder value.

EcoPro BM highlighted the potential benefits of moving to Kospi, saying, “If we move to Kospi, we anticipate the inflow of passive funds through the stock’s inclusion in the Kospi 200, which we believe can contribute to enhancing shareholder value.”

With the rapid implementation of the plan, EcoPro, which had previously mentioned a 5-to-1 stock split during its earnings call, is also showing strength with a 5.18 percent increase, trading at 609,000 won.

By Pulse

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