Bubang Co., Ltd. completed the Spin-Off of Cuchen Co., Ltd for approximately KRW 300 billion.
August 01, 2015 at 12:00 am
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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.
Cuchen Co., Ltd. is a Korea-based company principally engaged in manufacturing household appliances. The Company's product portfolio consists of kitchen appliances including mechanical cookers, micom cookers, IH pressure cookers, pressure steam cookers, electric grills, induction cooktops, electric blenders, electric kettles, dish dryers, slow juicers; home appliances including vacuum cleaner and steam cleaner and seasonal appliances including air washers and humidifier.