Ildong Pharmaceutical Co., Ltd. (KOSE:A000230) announced the spin off of its pharmaceutical business division to the shareholders of Ildong Pharmaceutical Co., Ltd on March 9, 2016. As per the terms of the transaction, new shares of the newly established company will be allocated to the existing shareholders based on the equity ratio as of the record date. Ildong Pharmaceutical Co., Ltd will change its name to Ildong Holdings Co., Ltd. and will be re-listed on the Korea Exchange Stock Market. The spun off entity will be named as Ildong Pharmaceutical Co., Ltd. The pharmaceutical business division reported total assets of KRW 541.49 billion, total liabilities of KRW 294.57 billion, total stockholder's equity of KRW 246.92 billion and capital of KRW 17.85 billion as at December 31, 2015. Ildong Pharmaceutical Co., Ltd will hold a general meeting of shareholders on June 24, 2016. As of June 24, 2016, Ildong Pharmaceutical shareholders approved the transaction. The scheduled date for listing of new shares is August 31, 2016. The Board of Directors passed a resolution for the transaction on March 9, 2016. The transaction is expected to be completed on August 1, 2016.

Ildong Pharmaceutical Co., Ltd. (KOSE:A000230) completed the spin off of its pharmaceutical business division to the shareholders of Ildong Pharmaceutical Co., Ltd for KRW 518.3 billion on August 1, 2016. 0.7118720 shares of Ildong Pharmaceutical Co., Ltd. will be distributed to 1 existing stocks of the distributing company.