The split, expected in May pending shareholder approval at a March 18 meeting, will separate the company into department store operator Shinsegae and discount chain E-Market.
Split Shinsegae will trade under the same name and stock code (KS11) in stock market, and E-Mart will be listed under a new name in June, the company said to media, quoted as saying.
Stock split rate will be 0.261:0.739 for each Shinsegae and E-Mart, giving out one Shinsegae share by the rate.
The company said, “The split will allow Shinsegae’s department store and discount retail operations to better focus on their business.”
Shares in Shinsegae were suspended and will resume trading at the market open on Wednesday.
(아주경제 송지영 기자)
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