Shares in Hyosung Corp, subsidiaries, fluctuate on 1st trading day after structural change

HS Hyosung Advanced Materials

13/07/2018 01:43

** South Korea's heavy industrial equipment and raw material
producer Hyosung Corp  004800.KS  falls 29.0 pct on the first
day of trading since Hyosung Corp transformed into a holding
company and separated its business into four operating
subsidiaries
    ** Hyosung Corp on Feb 22 said the change of the structure
is expected that corporate value and shareholder value will
ultimately be raised as the evaluation of appropriate corporate
value will be possible once the independent management system is
established, while the surviving company Hyosung Corp will play
a role of the holding company to improve transparency of
corporate governance and maximize shareholder value
    ** The company split up as of June 1, and the
newly-established companies were listed as of July 13
    ** Hyosung's four other subsidiaries show mixed performance
on the first trading day
    ** Subsidiaries Hyosung TNC  298020.KS , and Hyosung
Chemical  298000.KS  gain 11.2 pct and 2.6 pct, respectively
    ** The other two subsidiaries heavy industries Hyosung Heavy
Industries  298040.KS  and Hyosung Advanced Materials
 298050.KS  plunge 13.0 pct and 21.5 pct, respectively
    ** Broader market  .KS11  up 1 pct as of 0036 GMT

 (Reporting by Joori Roh
Editing by Eric Meijer)
 ((Reuters Messaging: joori.roh@thomsonreuters.com))