STAR SM REIT submitted a request for a suspension of the effect of the delisting decision to the Seoul Southern District Court on the 28th.
The Korea Exchange's securities market listing disclosure committee decided to delist STAR SM REIT on the 26th.
STAR SM REIT expressed its intention to focus on normalizing management and recovering from damages caused by embezzlement through the sale of existing shares. A STAR SM REIT official said, 'We are negotiating with a strong acquisition candidate, and the company’s representative has also been changed.'
STAR SM REIT was listed on the securities market in 2016, and the largest shareholder, 'AL136,' holds 11.17% of the equity. Last year, the name was changed from Modetour Network to STAR SM REIT, and as its main business, it owns and operates MD Hotels in Dongtan and Doksan-dong.