Backdoor Listings Modified
The Financial Supervisory Service announced Friday new measures to strengthen conditions for backdoor listings. The rule changes will take effect Saturday.A backdoor listing means attempting to get listed on the Korea Stock Exchange or the Kosdaq market by being acquired by a listed business. Under the new measures, the acquirer must make public disclosures about why it is trying to take over the unlisted firm, how it calculated the amount of money to be invested and which financial institution assessed the capital amount.
A company that tries to acquire securities of another firm issuing new shares is also required to report the same information.
with the Korea JoongAng Daily
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