[Edaily Reporter Shin Ha-yeon ] SANGSANGININVESTMENT&SECURITIES(001290)Regarding reports of a planned sale to Sh Suhyup Bank, Sangsangin Co., Ltd., the largest shareholder, stated that while it is currently in discussions to sell its stake, no specific details have been finalized yet.

In a disclosure on the 6th clarifying rumors and media reports, SANGSANGINVESTMENT&SECURITIES stated, “Regarding reports that ‘Sh Suhyup Bank is pursuing the acquisition of SANGSANGINVESTMENT&SECURITIES,’ our largest shareholder, Sangsangin Co., Ltd., is currently in discussions with Sh Suhyup Bank regarding the sale of our shares; however, no specific details have been finalized as of yet.”

The company added, “Discussions are currently underway, and we will issue another disclosure once details are finalized or within one month.” The scheduled date for the follow-up disclosure is September 4.

Earlier that day, Yonhap News reported, citing investment banking (IB) industry sources, that SH Suhyup Bank had signed a memorandum of understanding (MOU) with Sangsangin Co., Ltd. last month to acquire SANGSANGINVESTMENT&SECURITIES and is currently engaged in exclusive negotiations through the third quarter. According to the report, both parties are currently conducting due diligence and are continuing price negotiations with the goal of completing the transaction by the end of the year.

Meanwhile, amid the acquisition rumors, SANGSANGINVESTMENT&SECURITIES’ stock price soared to the daily price limit early in the trading session. According to MP Doctor, as of 12:55 p.m. today, SANGSANGINVESTMENT&SECURITIES is trading at 926 won, up 29.87% from the previous trading day.