TOVIS Decides to Spin Off Automotive Electronics Display Business... New Company Neovue to Re-list
TOVIS will propose approval of the spin-off plan for its automotive electronics display business at the extraordinary general meeting on June 2, 2026. The new company, Neovue (tentative), is expected to re-list on KOSDAQ.
Spin-off ratio: 0.3536822 shares of Neovue per one share of TOVIS. Spin-off date: July 1, 2026; trading suspension: June 29-July 19; re-listing expected July 20.
Post-spin-off, TOVIS (surviving) focuses on casino displays, Neovue (new) on automotive displays, enhancing competitiveness.
2025 consolidated revenue: 640.3 billion KRW, operating profit 57.2 billion KRW, net income 44.7 billion KRW. Separate revenue: 564.0 billion KRW, operating profit 43.4 billion KRW, net income 32.9 billion KRW.
New company assets: 184.8 billion KRW, liabilities 89.2 billion KRW, equity 95.6 billion KRW. Equity of 95.6 billion KRW meets listing requirements.
Director compensation limit for new company: 3 billion KRW, auditor limit: 100 million KRW. Executive retirement pay rules attached.
Director appointments: Inside director Kim Yong-soo (CFO), outside director Kang Shin-sook (former Suhyup Bank CEO).
Ongoing lawsuits: Damages lawsuit by Nature & People (666 million KRW + USD 502k) pending in first trial; TOVIS loan claim against Jinseong Medi (200 million KRW) awaiting trial.
New company inherits 6 patents for automotive display and licenses (electrical safety, fire protection).
No creditor protection procedures (joint liability), no appraisal rights for dissenting shareholders (due to spin-off type and re-listing).
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