The Board of Lihom-Cuchen Co., Ltd. (KOSDAQ:A014470) announced the spinoff of Cuchen Co., Ltd. on March 20, 2015. The provisional name of Lihom-Cuchen will be Bubang Retail Co., Ltd. The distribution ratio of shareholders' holding in Lihom-Cuchen Co., Ltd. is 0.3049827. As of May 27, 2015, the provisional name of Lihom-Cuchen will be Bubang Co., Ltd. and the number of issued shares will be 10.69 million with gross amount of KRW 53.7 billion.

Dae-Hee Lee shall hold 2 million shares, Busan Textile will hold 1.9 million shares, Jung-Hee Lee shall hold 1.4 million shares, J One Investment will hold 0.43 million shares, SCK Co., Ltd. will hold 0.11 million shares, Gil-Jun Lee will hold 16,165 shares, Yong-Seok Park will hold 2,675 shares, Hee-Won Lee and Hee-Jung Lee will hold 762 shares each, Kyung-Pil Geum will hold 487 shares, and Sung-Tae Kim will hold 335 shares in spun off entity. Cuchen recorded total assets of KRW 133.56 billion as on December 31, 2014. The Board of Directors of Lihom-Cuchen passed a resolution for the transaction on March 20, 2015. Shareholders of Lihom-Cuchen Co., Ltd. approved the transaction on June 30, 2015. Record date is July 31, 2015. Demerger Date is August 1, 2015 with a listing date of September 4, 2015.

The Board of Lihom-Cuchen Co., Ltd. (KOSDAQ:A014470) completed the spinoff of Cuchen Co., Ltd. for approximately KRW 300 billion on August 1, 2015.