[Alpha Biz=(Chicago) Reporter Kim Jisun] OCI Holdings (010060) is speeding up the transition to a holding company by taking a tender offer of OCI (456040) shares.

OCI Holdings announced on the 28th that it would conduct a tender offer from the 31st of next month to September 20th to purchase up to 45% of OCI shares. The tender offer price is 139,000 won, which is about 5.6% higher than the closing price (131,600 won) on the day.

This transaction is a method of issuing common stock of OCI Holdings without paying cash to OCI shareholders who responded to the tender offer. NH Investment & Securities is in charge of the tender offer.

OCI Holdings explained that it is carrying out a tender offer to meet the requirements for establishing a holding company under the Fair Trade Act and to incorporate OCI as a subsidiary. Under the law, a holding company must secure at least 30% of its shares in order to own a listed subsidiary.

 

OCI Holdings holds a 1.26% stake in OCI, and if the tender offer is completed as scheduled, the total stake is expected to increase to 46.26%. If the tender offer fails, OCI Holdings explained that it would consider ways to secure shares again in the future.

Currently, UNID Chairman Lee Hwa-young (5.43%) and OCI Holdings Chairman Lee Woo-hyun (5.04%) own a total of 23.49% of OCI shares. The company explained that their shares are included in the stocks subject to the tender offer. However, he added that it has not been confirmed whether the special officials will participate.

 

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