[Alpha Biz=(Chicago) Reporter Kim Jisun] OCI Holdings will initiate a stock tender offer to OCI shareholders to complete the transition to a holding company within this year.

According to related industries on the 30th, OCI Holdings will proceed with a paid-in capital increase subscription of 465.1 billion won from the 31st to September 20th. It is a method of allocating new shares to be issued through paid-in capital increase after receiving applications for in-kind investment in OCI Holdings shares from OCI shareholders.

This paid-in capital increase is carried out to meet the requirements for establishing a holding company by incorporating OCI, which was spun off in May, into a subsidiary.

Under the Fair Trade Act, the combined stock value of subsidiaries held by holding companies must exceed 50% of the total assets of holding companies. At this point, OCI is not only a subsidiary of OCI Holdings, but also the total stake of OCI Holdings subsidiary is 910.5 billion won, remaining at 48.9% of OCI Holdings' total assets. Through this open purchase, OCI Holdings expects to incorporate OCI as a subsidiary and meet the total asset standard.

OCI believes that it will be able to meet the requirements for the holding company's stake in subsidiaries while securing up to 45% of OCI-issued shares. If the subscription rate falls below expectations, it will adjust its stake in subsidiaries to more than 30% through follow-up transactions such as additional purchase of shares.

Under the Fair Trade Act, holding companies are required to hold more than 30 percent of shares in listed companies and 50 percent in unlisted companies.

As soon as the subsidiary of OCI Co., Ltd. is completed, OCI Holdings is expected to liquidate its stake in Bukwang Pharmaceutical Co. and Happy City Solar Power Plant.

 

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