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Doosan Corporation passes the preliminary screening for re-listing of Doosan FuelCell and Doosan Solus

20190620

Doosan Corporation passed the preliminary screening for the re-listing of Doosan’s spin-offs Doosan Fuel Cell and Doosan Solus. The Korea Exchange disclosed in a press release on the 19th that the results of the preliminary screening for the re-listing of Doosan FuelCell and Doosan Solus to be spun off from Doosan Corporation indicated that they met the listing requirements according to the listing regulation. As such, Doosan Corporation plans to submit the shareholding report to the Financial Service Commission and re-list the two spin-offs.

Doosan Corporation held a BOD meeting in April and decided to spin off the fuel cell and materials business units. As the two companies created through the spin-off, Doosan FuelCell and Doosan Solus will have independent management systems, and they will be listed in the stock exchange.

Doosan FuelCell owns original fuel cell technologies and has great potential as it features the smallest installation among renewable energy generation facilities; it can also supply stable power regardless of climate. The domestic fuel cell for the power generation business is expected to grow 20% annually on average by 2040 according to the government’s roadmap for the promotion of hydrogen economy. Doosan FuelCell recorded more than 1 trillion worth of orders for the first time in three years since it entered the market, and it expects orders to surpass 1 trillion again this year.

Doosan Solus focuses on electronic materials such as the battery foil for which it has the original technology and OLED as well as biomaterials such as cosmetics and drug substances. As the OLED market is expanding from smartphones to TV and automobile panels, the demand for OLED materials is expected to grow considerably as well. The battery foil market is forecast to increase sharply at more than 40% on average annually until 2025 as the electric vehicle market grows rapidly. The biomaterials market is expected to grow as the health and beauty industries continue to expand.

“We expect this listing to be an opportunity for these two emerging business units to be valued appropriately,” a Doosan official said.

Doosan plans to complete the listing change and re-listing in October after obtaining approval for the spin-off during the extraordinary shareholders’ meeting on August 13.

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