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| ▲ The corporate logo of Osstem Implant Co. (PHOTO NOT FOR SALE) (Yonhap) |
Osstem Implant-trading resumption
Scandal-hit dental implant maker Osstem Implant to resume trading this week
By Chung Joo-won
SEOUL, April 27 (Yonhap) -- 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 Wedensday.
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.
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.
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