TMC, a cable manufacturing specialist that faced controversy over dual listing, has cleared the Korea Exchange's listing threshold.
On the 3rd, the Korea Exchange said it held the TMC listing committee on the 2nd and confirmed that the company meets listing requirements and is eligible to list on the stock market (KOSPI).
TMC, a manufacturer of marine and shipboard cables, was founded in 2012. On a separate basis last year, revenue was 354.3 billion won and operating profit was 13.4 billion won.
TMC became embroiled in dual listing controversy when it filed for preliminary listing review in Jul. TMC is 68.37% owned by KOSDAQ-listed KPF.
In particular, because more than 40% of KPF's consolidation revenue comes from TMC, there have been persistent concerns that a separate listing of TMC could dilute the parent company shareholders' corporate value.
TMC has also become the first case to pass the Korea Exchange's review and move beyond the dual listing controversy since the launch of the Lee Jae-myung administration. President Lee Jae-myung has signaled a critical view of dual listings since his candidacy.
Earlier, SK Enmove withdrew its listing, and LSE, which sought to list around the same time as TMC, failed to overcome the dual listing controversy and voluntarily withdrew its preliminary listing review with the Korea Exchange.
Meanwhile, TMC is expected to submit a securities registration statement to the Financial Services Commission as early as this month and begin the full-fledged offering process. It is also reported to have a strong chance of listing within the year.