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| 금양 본사. (사진=금양) |
[Alpha Biz= Reporter Kim Jisun] The Korea Exchange has announced the designation of an unfaithful disclosure corporation for KUM YANG, a secondary battery material company that has lowered sales of its Mongolian mining business to a hundredth of that level.
In May last year, KUM YANG signed a memorandum of understanding (MOU) to acquire a stake in the Mongolian mining development company Mong La, and at that time, the company projected KRW 402.4 billion in sales and KRW 160.9 billion in operating profit from the investment. However, on September 27, KUM YANG revised its sales forecast for the mining project this year to KRW 6.5 billion and operating profit to KRW 1.3 billion. These figures represent only 1.4% and 0.8%, respectively, of the original forecast, leading to allegations that the initial disclosure was misleading.
As a result, the Korea Exchange announced on October 2, after market close, that it would designate KUM YANG as a non-compliant disclosure company. This designation carries penalties, including demerit points and fines. Accumulation of demerit points could lead to the company being designated as a management issue stock, and if similar actions occur after this designation, it could even result in delisting.
Following the revised disclosure, KUM YANG’s stock price dropped 9.03% in just one day.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
