The board of Hyundai Department Store Co. Ltd. (KOSE:A069960) intend to spin of its investment business division on September 16, 2022. Post completion, Business to be establish as a new company through spin-off, and the surviving company continues as a listed corporation.

Hyundai Department Store Holdings Co., Ltd is tentative name. As on June 30, 2022, Hyundai Department Store Holdings had total asset, equity & debt as KRW 1.1 trillion, KRW 953.5 billion and KRW 59.3 billion respectively. The name of the company established through spin-off may be changed at the general meeting of shareholders for approval of the spin-off plan.

The shareholders of the spin-off company are allocated the shares of the spin-off company in proportion to their shareholding ratio as of the base date of allotment of new stocks for spin-off. The new share allocation date is February 28, 2023. After the spin-off, the shares issued by the spin-off company will be re-listed on the Korea Stock Exchange .

Transaction is subject to approval from Hyundai Department Store & its Shareholders. Expected date of divisional registration is March 2, 2023. The date of division is March 1, 2023.