[
THE INVESTOR] Hwaseung Enterprise announced Aug. 18 that it turned in a registration statement to the Financial Services Commission on Aug. 17 and will start the subscription process to be listed on the stock market.
Hwaseung Enterprise is a holding company established in November last year to list its Vietnamese subsidiary Hwaseung Vina on the South Korean stock market. Hwaseung Vina is an original development manufacturer for Adidas and Reebok and owns the largest production facility in Vietnam.
The Vietnamese plant is the only development site where the marketers and designers from Adidas headquarters are present at all times, and accounts for the second-largest market share in the group’s shoes manufacturing.
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Hwaseung Vina. Hwaseung Enterprise |
Its operating profit in the second quarter increased 141 percent to 17.7 billion won (US$16 million) from the same period last year. Sales rose 71 percent to 301.9 billion won and net profit hiked 148 percent to 13.2 billion won on-year.
Hwaseung Enterprise will offer 7.84 million shares with an expected price band between 14,600 won and 16,500 won. The stocks are to be listed in early October.
By Hwang You-mee (
glamazon@heraldcorp.com)
