This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:50 p.m. on Nov. 24, 2025.
Ryuk-Il C&S, a KOSDAQ-listed company, has been put on the market. The listed company, sharing the same name as an unlisted Ryuk-Il C&S, has appeared in the merger and acquisition (M&A) market. The two Ryuk-Il C&S companies share not only the name but also the same CEO, Koo Ja-ok. CEO Koo runs the listed and unlisted Ryuk-Il C&S separately; the unlisted company is the solid asset while the listed company has become distressed, attracting attention.
On the 24th, sources in investment banking and the capital markets said the listed Ryuk-Il C&S recently sent out teaser letters to find potential buyers.
The KOSDAQ-listed Ryuk-Il C&S is a manufacturer of strengthened glass for displays (cover glass) and was founded in 2007. It listed on the KOSDAQ market in 2015, and later expanded its business scope by consecutively acquiring precision chemical maker CNA and Edtech company ConverseTech. The unlisted Ryuk-Il C&S, which resembles the listed Ryuk-Il C&S, operates a recycled plastic business. News of a sale of the unlisted Ryuk-Il C&S was already reported earlier this month.
What stands out in this sale of Ryuk-Il C&S is that the unlisted company with the same name is healthier than the listed company also on the market. Market participants value the unlisted Ryuk-Il C&S at around 30 billion won. Meanwhile, the market capitalization of the listed Ryuk-Il C&S remains at 17.8 billion won. Unless a control premium as a listed company is valued at more than double, the unlisted company's value is higher. However, CEO Koo's side is reportedly hoping to receive up to a 2x control premium for the listed company.
Looking at financials, the unlisted Ryuk-Il C&S is also in better shape. According to the Small and Medium Business Status System, the unlisted Ryuk-Il C&S has posted operating profit every year since 2020. Revenue rose from 12.7 billion won and operating profit of 1.2 billion won in 2020 to about 15.9 billion won in revenue and 1.9 billion won in operating profit as of the end of last year.
By contrast, the listed Ryuk-Il C&S has been unable to escape recent poor performance. As of the third quarter, the listed Ryuk-Il C&S posted an operating loss of about 900 million won, bringing cumulative losses for the year to about 1 billion won. Since 2019, it has posted losses every year except for 2023.
With years of disappointing results, the burden of repaying borrowing fund has grown. As of the end of the third quarter, the listed Ryuk-Il C&S's short-term borrowings total about 18.9 billion won, more than twice the company's cash and cash equivalents of 8.6 billion won. In July, a shareholder filed a petition with the court seeking a provisional seizure of a convertible bond's early redemption claim, arguing it harmed shareholder value for an early redemption claim on a convertible bond of 2.85 billion won.
As its financial structure deteriorated over a long period, it has been selling major assets. In July, the listed Ryuk-Il C&S sold its Vietnam subsidiary, SD Global LLC, to a Taiwanese company for 15.6 billion won. With the Vietnam unit that handled strengthened glass wound down, the company is expected to focus on precision chemicals and Edtech going forward.
Market participants worry that if the listed Ryuk-Il C&S is effectively distressed and put up for sale, it will become a target for M&A forces. In fact, M&A market brokers say Ryuk-Il C&S is suitable as a shell company. Shell is an industry term for a listed company that functions only as a shell.
Some say this is not the first time the listed Ryuk-Il C&S has been up for sale. There have already been several attempts to sell the listed Ryuk-Il C&S. However, those sales ultimately failed.
In this regard, a Ryuk-Il C&S representative said the company is not currently considering a sale. The company representative said, "We did not send a teaser for a sale," and added, "It is also untrue that there were previous sale attempts."