The Board of Seoul City Gas Co., Ltd. (KOSE:A017390) announced the spin off of City Gas Business Sector on October 15, 2018. For every 1 share of spin-off distributing corporation, the stock of newly established company to be distributed is 2.8642965. Post transaction, City Gas Business Sector will be named as Seoul City Gas Co., Ltd. and Seoul City Gas Co., Ltd., the distributing company will be named as SCG Holdings Co., Ltd. City Gas Business Sector has total assets of KRW 910.7 billion, total capital of KRW 560.3 billion as on June 30, 2018. The deal is subject to Seoul City Gas Co., Ltd. shareholders approval. The deal was resolved by Board of Directors of Seoul City Gas Co., Ltd. on October 15, 2018. Spin-off due date is April 1, 2019. The Board of Seoul City Gas Co., Ltd. (KOSE:A017390) cancelled the spin off of City Gas Business Sector on December 5, 2018. Due to changes in the internal and external environment, it was uncertain to achieve the objective of management efficiency and effectively allocate management resources through spin-off. Hence, Seoul City Gas Co., Ltd. decided to withdraw the spin-off procedure until the uncertainties were resolved through internal discussions and cancelled the plan to establish a new spin-off company through resolution of the Board of Directors.