South Korea’s LS Corp said on Monday it has decided to withdraw plans to list its affiliate Essex Solutions on the Korea Exchange, citing concerns raised by shareholders and investors.
LS Corp, a holding company engaged in the manufacture and sale of cables, said it made the decision after listening to concerns voiced over the listing plan and in a bid to strengthen shareholder protection and trust.
Essex Solutions, which originally planned to raise about 500 billion won ($345.69 million) through the IPO, produces magnet wire and winding wire used in electric vehicles, automotive components and other industrial applications.
The company filed a preliminary listing review in November.
Shares of LS Corp were trading up 5.3% in morning trade, versus the benchmark KOSPI’s 0.2% rise.
Reuters
