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[Alpha Biz=(Chicago) Reporter Kim Jisun] DL E&C will secure a 100% stake in its subsidiary DL Construction and push for a comprehensive stock exchange that will be incorporated into a full subsidiary. Currently, DL E&C holds a 64% stake (based on common stock) in DL E&C.
DL E&C announced on the 18th that it had decided to sign a stock exchange contract with DL Construction. DL Engineering & Construction also held a board meeting on the same day to propose a comprehensive stock exchange contract with DL E&C.
Accordingly, DL E&C will issue new shares and push for a stock exchange that will be issued to shareholders of DL Engineering & Construction at a ratio of 1 to 0.3704268.
According to the provisions of the Enforcement Decree of the Capital Markets Act, the stock exchange ratio between the two companies was based on the stock exchange value of the two companies calculated by averaging the arithmetic average closing price of the trading volume over the past one month as of the 17th of last month, the arithmetic average closing price of the trading volume over the past week, and the closing price on the same day.
DL E&C proceeds with a small stock exchange method in accordance with Article 360-10 of the Commercial Act, so it proceeds with the stock exchange with the approval of the board of directors in place of the shareholders' meeting. The DL Construction will approve the stock exchange at a shareholders' meeting.
It will also legally implement the shareholder protection process by allowing DL Construction shareholders to request stock purchases from the date of the shareholders' meeting to Jan. 10 next year.
The extraordinary general meeting of shareholders in DL Construction is due to take place on 21 December. When approving the shareholders' meeting, it will follow suit to wrap up the stock exchange early next year and become an unlisted company in March next year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
