Kakao submitted Thursday a set of documents for listing eligibility review on South Korea‘s main bourse, according to the Korea Exchange.
Kakao, the second-largest firm listed on the second-tier Kosdaq, will go through an abridged listing procedure. All formerly Kosdaq-listed firms undergo screening designed to verify the business stability for 20 days at maximum, whereas it normally takes 45 days for a market operator to review the eligibility.
The operator of mobile messenger KakaoTalk and web portal Daum logged 38.2 billion won ($34.2 million) of net profit and 861.2 billion won of sales in 2016 on the regulatory filing.
Kakao said in a disclosure on May 2 it would seek approval from Kospi in relisting in an upcoming board meeting on Jeju Island on June 14. This came after the firm announced on April 20 the relisting was “one option (Kakao) is considering” and added it would determine whether to delist from the Kosdaq market within a month.
By Son Ji-hyoung (firstname.lastname@example.org