In early trading on the 24th, some paper stocks are weakening on news of a penalty surcharge imposed for price collusion.
As of 9:14 a.m. that day on the Korea Exchange, Moorim P&P is trading at 2,990 won, down 275 won (8.42%) from the previous session.
At the same time, Moorim Paper (down 3.55%) and Hankuk Paper (down 0.38%) are also weak.
The previous day, Moorim P&P disclosed it had been slapped with a 91.6 billion won penalty surcharge in connection with collusion among paper companies. That is equal to 15.15% of its equity capital (606.8 billion won).
On the same day, affiliate Moorim Paper also disclosed it had been imposed a 45.8 billion won penalty surcharge related to printing paper price collusion. That amounts to 6.6% of its equity capital (694.9 billion won).
Hankuk Paper is likewise set to pay 49.1 billion won for the same reason, and the penalty surcharge is equal to 12.08% of its equity capital (406.2 billion won).
The three companies said they plan to respond in accordance with relevant laws and procedures after receiving the Korea Fair Trade Commission's final written decision.