Hanil Cement. Co., Ltd. (KOSE:A003300) announced the spin-off of cement business on January 26, 2018. Pursuant to deal completion, Hanil Cement.

Co., Ltd. will change its name to HANIL HOLDINGS CO., LTD while the demerged cement business will result into a new company, HANIL CEMENT CO., LTD. Following completion, Hanil Cement. Co. will retain a 8.06% stake in the spun-off entity.

General meeting of shareholders for the approval of the spin-off will be held on May 29, 2018. As of May 29, 2018, the shareholders of Hanil Cement. Co., Ltd. approved the deal.

The record date of the transaction is June 30, 2018 and deal is expected to close on July 1, 2018.