Binggrae announced on the 24th that it would withdraw its plan to transition to a holding company system that was announced last November.
Binggrae explained through a disclosure that, "As a result of communicating with various stakeholders, it was determined that a more clear plan for enhancing shareholder value was needed before the transfer and that it would be appropriate to pursue the partitioning and holding company transition after the future direction of the business becomes more clearly visible."
Binggrae said, "Through the resolution of the board of directors on this day, we decided to withdraw all progress regarding the partitioning plan and the partitioning proposal," adding, "In the future, our corporation will continue to make efforts to enhance corporate value."
Earlier, Binggrae had been pursuing a partitioning plan aimed at distinguishing the holding and business companies by May of this year. The holding company was intended to focus on investment business areas such as new business investments and subsidiary management, while the business company aimed to concentrate on the partitioning target business sectors. To this end, 1,009,440 shares of the company's own stock (10.25% of total outstanding shares) that Binggrae held were planned to be completely retired through separate board resolutions in the future.