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The Korea Herald
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THE INVESTOR
March 29, 2024

Bio

Samsung BioLogics denies receiving favors for KOSPI listing

  • PUBLISHED :February 10, 2017 - 17:37
  • UPDATED :February 10, 2017 - 17:37
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[THE INVESTOR] Samsung BioLogics on Feb. 10 denied news reports that the biopharmaceutical unit of Samsung Group had received favors from financial authorities when it was seeking a KOSPI listing last year.

In November 2015, the Financial Service Commission revised listing regulations to allow companies in the red to be listed on the nation’s benchmark bourse. Thanks to the revision, Samsung BioLogics that was suffering from operating losses for three consecutive years at the time, could make a stock debut in November. 




Amid the ongoing probe into the influence-peddling scandal involving President Park Geun-hye, her close aides and some big firms like Samsung, some local media reported earlier on the day that the special prosecutors’ team is investigating whether Samsung BioLogics had bribed the FSC in return for favors.

“It is totally groundless that we received any favors in the listing process,” the company said in a statement.

The firm said it was after the revision, KOSPI’s operator the Korea Exchange asked it to be listed on the local bourses -- the benchmark KOSPI or the tech-savvy KOSDAQ.

Before that, the firm said, its preference was the US NASDAQ due to better awareness toward the biopharmaceutical business.

Both KOSDAQ and NASDAQ allow the listing of unprofitable tech firms to encourage their technological innovations.

“We made the final decision on the KOSPI listing on April 28 last year in a board meeting,” the firm said. “It was due to a request from the Korea Exchange and public sentiments.”

Samsung BioLogics shares fell over the past week due to the possible link to the snowballing corruption scandal. On Feb. 10, the price closed at 158,800 won (US$138.79), down 3000 won or 1.86 percent from the previous closing.

By Lee Ji-yoon (jylee@heraldcorp.com)

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