The board of directors of ISU Chemical Co., Ltd (KOSE:A005950) approved the Spin-off of ISU Specialty Chemical Co., Ltd. on November 29, 2022. Shareholders of ISU Chemical will receive 0.1970257 new shares of ISU Specialty per one old share held in ISU Chemical. ISU Specialty will be responsible for manufacturing and sales of fine chemical products and Solid-state battery and will be listed on the Korea Exchange stock market.

ISU Specialty reported total assets of KRW 197.4 billion, total liabilities of KRW 88.5 billion, sales of KRW 190.7 billion and total capital of KRW 108.9 billion for the year ended September 30, 2022. The meeting of shareholders of ISU Chemical is to be held on March 31, 2023, for the approval of Spin-off. Base date for allotment of new shares under the Spin-off is April 28, 2023.

The date of spin-off is May 1, 2023. ISU Specialty expected to listed on May 31, 2023.