SM Entertainment Bid to Be Listed on KOSDAQ Fails
The attempt to list on KOSDAQ the record management company, SM Entertainment, to which popular dance singers such as H.O.T. and S.E.S. belong, has been rejected.The Korea Securities Dealers Association (KSDA) announced on November 11 that it had rejected the application by SM Entertainment to be listed on KOSDAQ.
A source at the KSDA said, 'SM Entertainment, which has five employees, is too small to list on the KOSDAQ stock market. We are not sure whether this company can be normally operated in the event that its president Lee Soo-man encounters any trouble.'
SM Entertainment, which recorded 920-million-won net profits last year, aimed to raise 2.7 billion won of capital by offering shares for public subscription after its KOSDAQ listing.
Kang Joo-an : jooan@joongang.co.kr
with the Korea JoongAng Daily
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