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More S. Korean firms opt for stock splitsBy 윤민식
Published : May 28, 2016 - 16:31
A growing number of listed South Korean firms have split their stocks in a bid to boost turnover and attract individual investors, the main bourse operator said Saturday.
A total of 27 companies listed on the KOSPI and KOSDAQ markets have reduced the face value of their stocks this year, with seven more expected to follow suit in the third quarter, the Korea Exchange (KRX) said.
Among them are Lotte Confectionery Co., the food unit of retail giant Lotte; Crown Confectionery Co.; and Doosan Heavy Industries & Construction.
Combined with the upcoming stock splits, the latest figure already surpasses 29 in 2015, and far exceeds eight in 2014, the KRX said.
The rising popularity of stock splits comes as shares of major companies showed stronger performance after reducing the expensive price tags that go over 1 million won.
AmorePacific Co., the nation's top cosmetic maker, saw its stock price and trading volume sharply rise following a 10-for-1 stock split in May 2015. It is currently the fifth-largest company by stock value on the KOSPI.
"It seems that more listed firms are considering stock splits following some of the success cases last year," a KRX official said, noting the bourse operator plans to expand support for the companies considering the option. (Yonhap)
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