Sempio Foods Company (KOSE:A007540) agreed to spin off professional pharmaceuticals and food business division on February 23, 2016. The new company will be named Sempio Foods Company and the surviving entity will operate under the name Sempio Company. Under the terms, for every 0.5139836 shares of new entity, Sempio Foods Company will issue 0.4860164 shares to its existing shareholders.

Park Jin-seon, will take charge of the food business and Park Seung-bok will be Chief Executive Officer of the holding company. The record date of the transaction is set as June 30, 2016. The transaction was resolved by the Board of Sempio Foods Company.

The transaction is expected to complete on July 1, 2016. The transaction was approved by the shareholders of Sempio Foods Company on May 30, 2016. Resolution date of board of directors is expected to be February 23, 2016, spin-off plan record date is expected to be February 23, 2016, submission date of major report is expected to be February 23, 2016, general meeting of shareholders shareholder decision date for the spin-off is expected to be March 14, 2016 on the 1th, registration statement submission date is expected to be April 20, 2016 and general meeting of shareholders date for the spin-off plan approval is expected to be May 30, 2016.