This photo taken Jan. 4, 2022, shows Osstem Implant Co.’s headquarters in western Seoul. (Yonhap)
SEOUL, April 27 (Korea Bizwire) — Dental implant maker Osstem Implant Co. will resume trading this week, as the company was deemed capable of maintaining its business in the face of a large-scale embezzlement scandal, the country’s bourse operator said Wednesday.
Trading in shares in the country’s top dental implant maker has been suspended since Jan. 3 as its employee embezzled a jaw-dropping amount of more than 220 billion won (US181 million) in company funds.
Before the trading suspension, Osstem Implant was the 20th highest-valued firm on the tech-heavy KOSDAQ market with market capitalization of some 2 trillion won.
The Korea Exchange, the bourse operator, said it allowed Osstem Implant to resume trading on the secondary bourse on Thursday, citing its business sustainability and improved internal control system.
The KRX said Osstem Implant has improved its management transparency by increasing the number of outside directors and beefing up its internal monitoring system.
The company is required to publicly release its plans to further improve its managerial transparency, and its achievements every quarter until the end of 2022.
Market observers said Osstem Implant’s strong performance was one of reasons behind the KRX’s decision.
In the first quarter of the year, Osstem Implant’s operating profit more than doubled from a year earlier to 51.2 billion won, with sales jumping 36.5 percent to 234.1 billion won, according to the regulatory filing.
In the last trading session before the suspension, Osstem Implant closed at 142,700 won.
As of end-2021, retail investors held a total of 62.2 percent of Osstem Implant shares.
(Yonhap)
