HLB shareholders approve move to primary Kospi bourse

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HLB shareholders approve move to primary Kospi bourse

Published: 21 Dec. 2023, 19:11

JIN EUN-SOO
[email protected]

Korean pharmaceutical firm HLB said Thursday its shareholders have given the green light to the company's move to transition its listing from the secondary Kosdaq market to the primary Kospi bourse.

Consequently, HLB is set to initiate the delisting process from Kosdaq and seek an initial public offering (IPO) on the Kospi, according to the company.

It said the latest decision was driven by the shareholders' request to increase corporate value.

Jin Yang-gon, chairman of HLB, said the company aims to diversify its product pipeline, especially after securing approval for its new liver cancer treatment from the U.S. drug safety authority, which is expected to pave the way for an expansion into the lucrative American market, according to company officials.

HLB is the sixth-largest company on the Kosdaq in terms of market capitalization and worth about 6.5 trillion won ($5 billion).

Yonhap

BY JIN EUN-SOO [[email protected]]