Daum to spin off its e-business unit
Daum Communications Corp., Korea’s second-most-popular Internet portal, said yesterday that it plans to spin off its e-commerce business. The move is aimed at enhancing the competitiveness of its core business sectors, the company said in a regulatory filling. The online shopping company, tentatively named Daum Commerce, will take 20 percent of Daum Communications’s capital, the filing stated. Daum plans to finalize the split by the end of April after approval at a shareholders’ meeting on March 24, it said. The company’s shares soared 7.88 percent to 42,450 won ($43.7) that day.
with the Korea JoongAng Daily
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