South Korea's LS Corp KRX:006260 said on Monday it has decided to withdraw plans to list its affiliate Essex Solutions on the Korea Exchange, citing concerns raised by shareholders and investors.
LS Corp, a holding company engaged in the manufacture and sale of cables, said it made the decision after listening to concerns voiced over the listing plan and in a bid to strengthen shareholder protection and trust.
Essex Solutions, which originally planned to raise about 500 billion won ($345.69 million) through the IPO, produces magnet wire and winding wire used in electric vehicles, automotive components and other industrial applications.
The company filed a preliminary listing review in November.
Shares of LS Corp were trading up 5.3% in morning trade, versus the benchmark KOSPI's KRX:KOSPI 0.2% rise.
($1 = 1,446.4000 won)