Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

The Korea Exchange (KRX) will announce the results of the June 2021 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in May with the changes becoming effective after the close of trading on 10 June.We currently see <a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a>, <a href="https://www.smartkarma.com/entities/dongwon-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:1783:1" rel="noopener">Dongwon Industries (006040 KS)</a>, <a href="https://www.smartkarma.com/entities/hyosung-advanced-materials-c" target="_blank" data-smartkarma-citation="entities:27751:1" rel="noopener">Hyosung Advanced Materials C (298050 KS)</a> and <a href="https://www.smartkarma.com/entities/hyosung-tnc-co-ltd" target="_blank" data-smartkarma-citation="entities:27749:1" rel="noopener">Hyosung TNC Co Ltd (298020 KS)</a> as potential inclusions in the index, with <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a>, <a href="https://www.smartkarma.com/entities/namsun-aluminum-co-ltd" target="_blank" data-smartkarma-citation="entities:17514:1" rel="noopener">Namsun Aluminum (008350 KS)</a>, <a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> and <a href="https://www.smartkarma.com/entities/binggrae-co-ltd" target="_blank" data-smartkarma-citation="entities:16424:1" rel="noopener">Binggrae Co Ltd (005180 KS)</a> as the corresponding exclusions.<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> is expected to list on the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" target="_blank" data-smartkarma-citation="entities:22911:1" rel="noopener">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> market in March and there is a possibility that the stock gets Fast Entry into the index. That could see <a href="https://www.smartkarma.com/entities/sebang-global-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:9618:1" rel="noopener">Sebang Global Battery (004490 KS)</a> being deleted from the index.<a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (1486402D KS)</a> is another possible Fast Entry into the index though there are few details available on when the stock is expected to list.The short sell ban in Korea has been extended to 2 May. Stocks that are constituents of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> can be short sold from 3 May. The commencement of short selling on these stocks prior to the announcement of the June review changes could result in the expected inclusions outperforming the expected exclusions and opening up other interesting trading strategies.

The Korea Exchange (KRX) will announce the results of the June 2021 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in May with the changes becoming effective after the close of trading on 10 June.We currently see Taihan Electric Wire (001440 KS), Dongwon Industries (006040 KS), Hyosung Advanced Materials C (298050 KS) and Hyosung TNC Co Ltd (298020 KS) as potential inclusions in the index, with Taeyoung Engineering &amp; Construction (009410 KS), Namsun Aluminum (008350 KS), Hanil Hyundai Cement (006390 KS) and Binggrae Co Ltd (005180 KS) as the corresponding exclusions.SK Bioscience (302440 KS) is expected to list on the Korea Stock Exchange Kospi Index (KOSPI INDEX) market in March and there is a possibility that the stock gets Fast Entry into the index. That could see Sebang Global Battery (004490 KS) being deleted from the index. Krafton Inc (1486402D KS) is another possible Fast Entry into the index though there are few details available on when the stock is expected to list.The short sell ban in Korea has been extended to 2 May. Stocks that are constituents of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) can be short sold from 3 May. The commencement of short selling on these stocks prior to the announcement of the June review changes could result in the expected inclusions outperforming the expected exclusions and opening up other interesting trading strategies.

KOSPI200 Index Rebalance Preview: Increasing Number of Potential Changes

The Korea Exchange (KRX) will announce the results of the June 2021 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in May with the changes becoming effective after the close of trading on 10 June.Currently, we see <a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a> being included in the index and <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a> being deleted, with a few stocks as close adds/ deletes. <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a>'s expected deletion is a result of the demerger of TY Holdings (363280 KS) in September which has significantly lowered its market cap.<a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener">Krafton Inc (1486402D KS)</a>'s estimated market cap of US$26-30bn would see it included in the index as a Fast Entry if it lists before the end of April which would put <a href="https://www.smartkarma.com/entities/sebang-global-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:9618:1" rel="noopener">Sebang Global Battery (004490 KS)</a> at risk of deletion. If Krafton lists by end January/ beginning February (seems unlikely at this point in time), it could be included in the KOSPI 200 in March. If it lists after mid Feb but before end April, Krafton could be included in the index at the June review.<a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a> has increased in price sharply over the last month and we would wait for the price to stabilize a bit before buying into the stock.

The Korea Exchange (KRX) will announce the results of the June 2021 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in May with the changes becoming effective after the close of trading on 10 June.Currently, we see Taihan Electric Wire (001440 KS) being included in the index and Taeyoung Engineering &amp; Construction (009410 KS) being deleted, with a few stocks as close adds/ deletes. Taeyoung Engineering &amp; Construction (009410 KS)'s expected deletion is a result of the demerger of TY Holdings (363280 KS) in September which has significantly lowered its market cap.Krafton Inc (1486402D KS)'s estimated market cap of US$26-30bn would see it included in the index as a Fast Entry if it lists before the end of April which would put Sebang Global Battery (004490 KS) at risk of deletion. If Krafton lists by end January/ beginning February (seems unlikely at this point in time), it could be included in the KOSPI 200 in March. If it lists after mid Feb but before end April, Krafton could be included in the index at the June review.Taihan Electric Wire (001440 KS) has increased in price sharply over the last month and we would wait for the price to stabilize a bit before buying into the stock.

KOSPI200 Index Rebalance Preview: IPO Fast Entry & End of Short Sell Ban Will Shake Things Up

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

KOSPI 200 will see the next reshuffle on June 11 next year.So, the review period is from November 1 to April 30.<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Status"}'>Status</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Index"}'>Index</td>
<td data-sheets-value='{"1":2,"2":"KOSPI 200 Index"}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>KOSPI 200 Index</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td data-sheets-value='{"1":2,"2":"KRX:KOSPI200"}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula='="KRX:KOSPI200"'>KRX:KOSPI200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td data-sheets-value='{"1":3,"3":44178}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula="=today()">December 13, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Rebalancing"}'>Rebalancing</td>
<td data-sheets-value='{"1":2,"2":"Biannually"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Biannually</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Effective date"}'>- Effective date</td>
<td data-sheets-value='{"1":2,"2":"Next trading day of 2nd Thursday of June &amp; December"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Next trading day of 2nd Thursday of June &amp; December</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - June"}'>- June</td>
<td data-sheets-value='{"1":3,"3":43994}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}'>June 11, 2021</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Review period"}'>- Review period</td>
<td data-sheets-value='{"1":2,"2":"May 1 to October 31"}'>November 1 to April 30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - December"}'>- December</td>
<td data-sheets-value='{"1":3,"3":44176}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}'>December 10, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Review period"}'>- Review period</td>
<td data-sheets-value='{"1":2,"2":"November 1 to April 30"}'>May 1 to October 31</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Number of constituents"}'>Number of constituents</td>
<td data-sheets-value='{"1":3,"3":200}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Est. total mirroring funds"}'>Est. total mirroring funds</td>
<td data-sheets-value='{"1":3,"3":60000}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>60,000.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total float MC"}'>Total float MC</td>
<td data-sheets-value='{"1":3,"3":1096021.987}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>1,096,022.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Average"}'>- Average</td>
<td data-sheets-value='{"1":3,"3":5480.11}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>5,480.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Highest"}'>- Highest</td>
<td data-sheets-value='{"1":3,"3":346163.808}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>346,163.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Lowest"}'>- Lowest</td>
<td data-sheets-value='{"1":3,"3":80.338}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>80.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Median"}'>- Median</td>
<td data-sheets-value='{"1":3,"3":1183.525}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>1,183.5</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Top 10 largest"}'>- Top 10 largest</td>
<td data-sheets-value='{"1":3,"3":0.5812}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>58.12%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current"}'>Current</td>
<td data-sheets-value='{"1":3,"3":372.24}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=googlefinance(R[-16]C[0], "price")'>372.24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W high (December 11, 2020)"}'>52W high (December 11, 2020)</td>
<td data-sheets-value='{"1":3,"3":372.24}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>372.24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W low (March 19, 2020)"}'>52W low (March 19, 2020)</td>
<td data-sheets-value='{"1":3,"3":199.28}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>199.28</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><hr><div class="content-highlight"><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQokO_6MTvdlTT682qY8daAjML-xYVdfBT-okk3_3p0oh7lWMvbhtDfTRtHXq_bVi2XD4eZNzDv4W1f/pubhtml?gid=1840582685&amp;single=true" target="_blank" rel="noopener">Here is the link to the latest full list of KOSPI stocks classified by the GICS.</a></div>

KOSPI 200 will see the next reshuffle on June 11 next year.So, the review period is from November 1 to April 30.





Status

Index
KOSPI 200 Index


Ticker
KRX:KOSPI200


Date
December 13, 2020


Rebalancing
Biannually


- Effective date
Next trading day of 2nd Thursday of June &amp; December


- June
June 11, 2021


- Review period
November 1 to April 30


- December
December 10, 2020


- Review period
May 1 to October 31


Number of constituents
200


Est. total mirroring funds
60,000.0


Total float MC
1,096,022.0


- Average
5,480.1


- Highest
346,163.8


- Lowest
80.3


- Median
1,183.5


- Top 10 largest
58.12%


Current
372.24


52W high (December 11, 2020)
372.24


52W low (March 19, 2020)
199.28

Source: KRX

Here is the link to the latest full list of KOSPI stocks classified by the GICS.

KOSPI 200 Rebalancing Preview: Early Early Birds Special

Taeyoung Engineering & Construction / Event-Driven

Taeyoung Engineering & Construction (009410 KS)

TY Holdings announce a tender offer to the shareholders of Tae Young E&amp;C.It is a stock swap, not a cash offer. Yes, it is a well-anticipated event to complete the holding company conversion.The target volume is 15.6M, 40.1% of the target company's SO. So, the holding company's stake will rise from 10.6% to 50.7% (ord).The tender begins on December 28 and runs until January 18. FYI, no shareholder record date here. That is, you can buy and tender your shares even during the tendering period.<table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Exchange offer"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Exchange offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Consideration"}'>Consideration</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Acquirer"}'>Acquirer</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TY Holdings Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>TY Holdings Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"363280"}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula='="363280"'>363280</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target company"}'>Target company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Tae Young Engineering&amp;Constructin Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Tae Young Engineering&amp;Constructin Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"009410"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='="009410"'>009410</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - SO (ord)"}'>- SO (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":38899098}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[-1]C[0], "shares")'>38,899,098</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offering price"}'>Offering price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10245}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩10,245</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target volume"}'>Target volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15600000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>15,600,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of SO (ord)"}'>- % of SO (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40103757675820656}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-3]C[0]">40.10%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target value"}'>Target value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":159822000000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]">₩159,822,000,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stake % before tender (ord)"}'>Stake % before tender (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10628272151709019}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=4134302/R8C[0]">10.63%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stake % after tender (ord)"}'>Stake % after tender (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5073202982752968}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=19734302/R8C[0]">50.73%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banker"}'>Banker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KIS"}'>KIS</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Announcement"}'>Announcement</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44161}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 11. 26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer begins"}'>Tender offer begins</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44193}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 12. 28</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer ends"}'>Tender offer ends</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43848}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 1. 18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43850}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 1. 20</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

TY Holdings announce a tender offer to the shareholders of Tae Young E&amp;C.It is a stock swap, not a cash offer. Yes, it is a well-anticipated event to complete the holding company conversion.The target volume is 15.6M, 40.1% of the target company's SO. So, the holding company's stake will rise from 10.6% to 50.7% (ord).The tender begins on December 28 and runs until January 18. FYI, no shareholder record date here. That is, you can buy and tender your shares even during the tendering period.





Overview

Type
Exchange offer


Consideration
-


Acquirer
TY Holdings Co Ltd


- Ticker
363280


Target company
Tae Young Engineering&amp;Constructin Co Ltd


- Ticker
009410


- SO (ord)
38,899,098


Offering price
₩10,245


Target volume
15,600,000


- % of SO (ord)
40.10%


Target value
₩159,822,000,000


Stake % before tender (ord)
10.63%


Stake % after tender (ord)
50.73%


Banker
KIS

Source: DART







Timetable

Announcement
2020. 11. 26


Tender offer begins
2020. 12. 28


Tender offer ends
2020. 1. 18


Payment
2020. 1. 20

Source: DART



Tae Young E&C Tender Offer: Terms & Trading Situation

Tae Young E&amp;C demerger got shareholder approval on July 15. More critically, it finally obtained regulatory approval (albeit conditional).So, the demerger proceeds as scheduled at a 0.49:0.51 ratio.E&amp;C will become an operating company carrying the same ticker, whereas we will be a newly spun-off company acting as a holding company.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/154/482/original/1.png?1598198017" class="editor-image img-responsive" data-smartkarma-image-id="154482"></figure>We have four more trading days before the trading suspension, August 28. September 22 will be for re-listing.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/154/483/original/2.png?1598198381" class="editor-image img-responsive" data-smartkarma-image-id="154483"></figure>

Tae Young E&amp;C demerger got shareholder approval on July 15. More critically, it finally obtained regulatory approval (albeit conditional).So, the demerger proceeds as scheduled at a 0.49:0.51 ratio.E&amp;C will become an operating company carrying the same ticker, whereas we will be a newly spun-off company acting as a holding company.We have four more trading days before the trading suspension, August 28. September 22 will be for re-listing.

Tae Young E&C Demerger: Value Accretion Checkup

South Korea

Taeyoung Engineering & Construction provides civil engineering, architectural, and plant construction services.  The Company concentrates on public civil engineering projects including highways, water drainage systems, and bridges. Taeyoung also operates leisure and broadcasting businesses through its affiliate s, such as Taeyoung Leisure, and Seoul Broadcasting System (SBS) Production.

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Taeyoung Engineering & Construction (009410 KS)

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