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S. Korean bourse operator postpones decision on delisting Sillajen

All News 20:28 August 06, 2020

By Chung Joo-won

SEOUL, Aug. 6 (Yonhap) -- South Korea's bourse operator on Thursday decided to further review the possible delisting of bio tech from Sillajen from its secondary bourse.

"There have been management transparency issues at Sillajen and one of the agenda items for an upcoming shareholders' meeting is to replace the company's management," an official at Korea Exchange (KRX) said.

"(The postponement) means that we will factor in such details to make a decision after reviewing situations following the shareholders' meeting," the source said.

Since May 4, the KRX has imposed a trading ban of Sillajen shares on the tech-laden KOSDAQ.

The KRX has been reviewing the company's listing for the past four weeks, after the bio tech firm's chief executive and key management were indicted over charges of embezzlement and breach of trust.

On July 10, SillaJen submitted its business normalization scheme to the bourse operator. Some of Sillajen's executives resigned from their posts, hoping to speed up the firm's normalization.

S. Korean bourse operator postpones decision on delisting Sillajen - 1

Sillajen came under fire after some of its executives sold stocks ahead of its regulatory filing in August 2019 that its key product Pexa-Vec failed to pass clinical tests.

Since its market debut on Dec. 6, 2016, shares of Sillajen rallied to 152,300 won (US$128.47) on Nov. 21, 2017 from just 9,050 won on Feb. 20, 2017.

SillaJen finished at 12,100 won on Thursday, lower than its IPO price of 15,000 won per share.

jwc@yna.co.kr
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