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Auto parts supplier set for listing on KOSDAQ

All Headlines 16:03 February 10, 2017

SEOUL, Feb. 10 (Yonhap) -- Mobile Appliance Inc., a smart car parts supplier, said Friday that it will be listed on South Korea's stock market later this month.

The company, a manufacturer of mobile personal navigation devices (PND) for automobiles, car digital video recorders (DVR) and head-up displays (HUD), plans to carry out an initial public offering (IPO) next week.

"(We) are a prepared firm in the era of the fourth industrial revolution with core technology for smart and autonomous cars," Lee Jae-shin, head of the firm, told reporters.

Mobile Appliance has set its sights on an IPO worth up to 13.2 billion won (US$11.3 million), with the firm scheduled to be listed on the KOSDAQ market on Feb. 24.

The company, founded in 2004, has contracts with such global carmakers as BMW and Audi.

Lee said his firm aims to supply related parts to General Motors, Ford and Chrysler by 2020.

Lee Jae-shin, head of Mobile Appliance Inc., in a photo provided by the firm (Yonhap)

lcd@yna.co.kr
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