Sonoh International, the holding company of Daemyung Sonoh Group, announced on the 11th that it had decided to adjust the timing of its preliminary listing examination application based on a comprehensive consideration of the market and both internal and external management environments in relation to its ongoing initial public offering (IPO).
Sonoh International had originally planned to apply for a preliminary listing examination with the Korea Exchange's Securities Market Headquarters this month, but has decided to postpone it. The schedule for a future application is undetermined.
Sonoh International explained, "This schedule adjustment is not merely a postponement but a proactive choice to solidify the long-term value enhancement of corporations. We plan to continue pursuing the IPO, and we believe that proactively resolving T'way Air's capital erosion issue is desirable for the protection of T'way Air's minority shareholders and, furthermore, for the protection of shareholders who may become investors in Sonoh International."
It continued, "We thought that alleviating the concerns of T'way Air's minority shareholders due to the change of the largest shareholder and proactively proceeding with capital expansion is more reasonable from a capital market perspective," adding, "Protecting T'way Air's minority shareholders and maximizing shareholder value is expected to have a positive effect on enhancing Sonoh International's corporate value as well."
Sonoh International stated regarding this decision, "We will solidify a solid growth foundation and continue to promote the listing by closely examining the future market conditions and various internal and external factors," adding that it plans to accelerate the expansion of domestic and international businesses through an IPO in the medium to long term.