Stock prices for Ontide were strong in the early trading session on the 2nd. It is interpreted that the news of the largest shareholder, Creas F&C, selling shares and management rights stimulated investor sentiment.
As of 9:27 a.m. on that day, Ontide was trading at 663 won, up 153 won (30%) from the previous trading day. The stock price went directly to the upper limit after the opening.
The knitwear manufacturer Ontide announced that after the regular market closing on the previous day, its largest shareholder, Creas F&C, signed a share transfer agreement to transfer 16,885,555 shares of Ontide to Cosmos Investment and transfer management rights.
The transfer amount is a total of 30 billion won, which is 1,777 won per share. This amount exceeds three times the previous day's closing price of 510 won, indicating increased expectations for future performance growth. After the transfer, Creas F&C's equity will decrease from the existing 33.2% (based on common stock) to 8.3%, while Cosmos Investment's equity will be 25%.
On the previous day, Cosmos Investment paid a contract amount of 3 billion won and plans to pay the remaining 27 billion won by September 30. Ontide noted that 'the balance payment and share transfer are expected to be completed by September 30.'