The Board of Seoul City Gas Co., Ltd. announced the spin off of City Gas Business Sector.
October 14, 2018
Share
The Board of Seoul City Gas Co., Ltd. (KOSE:A017390) announced the spin off of City Gas Business Sector on October 15, 2018. For every 1 share of spin-off distributing corporation, the stock of newly established company to be distributed is 2.8642965. Post transaction, City Gas Business Sector will be named as Seoul City Gas Co., Ltd. and Seoul City Gas Co., Ltd., the distributing company will be named as SCG Holdings Co., Ltd. City Gas Business Sector has total assets of KRW 910.7 billion, total capital of KRW 560.3 billion as on June 30, 2018. The deal is subject to Seoul City Gas Co., Ltd. shareholders approval. The deal was resolved by Board of Directors of Seoul City Gas Co., Ltd. on October 15, 2018. Spin-off due date is April 1, 2019.
SEOUL CITY GAS CO.,LTD. is a Korea-based company principally engaged in the distribution of liquefied natural gas (LNG). The Company operates its businesses through three divisions: city gas supply division, overseas resources development division as well as mobile division. Its city gas supply division involves in the distribution of LNG to residential, commercial, industrial and other consumers in Seoul and Gyeonggi-do. Its overseas resources development division involves in the crude oil and natural gas exploration business in overseas countries. Its mobile division involves in the manufacture of electronic components, panel displays, in-mold decoration and touch screen panels for mobiles.
SEOUL CITY GAS CO., LTD. 
