The board of Philoptics Co., Ltd. (KOSDAQ:A161580) agreed to Spin-Off the shares of Philenergy Co., Ltd. (KOSDAQ:A378340) to its shareholders on February 14, 2024. As part of the transaction, eligible shareholders for in-kind dividend is 1,125,000, of which 1,113,707 are stock dividends and the remaining 11,293 shares of stock worth less than one share resulting from in-kind dividends will be converted into cash and paid based on the closing price on the day before the general shareholders' meeting. Philoptics will pay KRW 126 per share in cash for 22,678,362 shares of the total issued common stock.

The dividend record date is December 31, 2023. The transaction is resolved by the board and approved by the shareholders of Philoptics.