Osstem Implant stocks climb as company seeks delisting

Osstem Implant's main lab in Gangseo District, western Seoul [NEWS1]

Osstem Implant stocks are climbing Friday following its announcement of convening a shareholders’ meeting to delist itself from the market.

It had a board meeting and agreed to hold an extraordinary general meeting of shareholders on June 28 to vote for delisting, the dental company said in an electronic disclosure Thursday.

Osstem Implant is trading at 188,700 won ($141) per stock, up 1.62 percent from the previous session, as of 11 a.m. Friday.

The company will apply for delisting from Korea Exchange upon shareholders’ approval.

A consortium of private equity firms MBK Partners and Unison Capital Korea is the largest shareholder of Osstem with 96.1 percent.

The consortium, dubbed Dentistry Investment, in January, announced a tender offer to buy up to 11.17 million shares of Osstem Implant at 190,000 won per share.

It will buy shares from small shareholders who wish to sell their stocks for a certain period of time, likely six months, the company said in its disclosure.

Small shareholders own 3.9 percent of Osstem Implant.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]