South Korea’s second largest tire maker Kumho Tire has decided to delist its shares from the London Stock Exchange for cost efficiency, the firm said in a regulatory filing Friday.
Its 76,034 shares are scheduled to be pulled out of the bourse on April 30, after which Seoul will be the only market where it will be listed, according to officials.
Struck by the struggling replacement tire market last year, Kumho Tire had reported an operating loss of 89.9 billion won ($79.1 million) in 2018, marking a decline for eight consecutive quarters.
Last year, China’s Doublestar Group became the largest shareholder of the tire maker, investing 646.3 billion won to take a 45 percent stake in the firm. By Jung Min-kyung (email@example.com)