Yedang Company Set to be Delisted..

      
 

Yedang Company, the mother company of Yedang Entertainment which is home to idol groups RANIA and C-CLOWN, is stepping out from Korea’s stock market after 12 years of trading.

Korea Exchange, Korea’s national stock exchange market, publicly announced last week that Yedang Company is appropriate for being delisted, with the delisting date set to September 9, after synthetically considering the firm’s sustainability and clarity.

The arranging trading started last Friday and is set to be expired on next Monday. After decreasing sharply to 86 Korean won (approximately 8 U.S. Cents) from the previous day’s 553 won on starting day, the company’s stock stood at 28 won (approx 3 Cents) as of Friday.

The downturn began when the firm’s founder and former chairman Byeon Doo-seob deceased early June. He led the heydays of the company after founding it in 1982, managing the ’90s electronica syndromes Lee Jung-hyun and the early days of PSY.

He expanded his boundaries to drama and game production in the 2000s when the music market faced a recession, signing a management deal with top stars Choi Ji-woo, Kim Ha-neul and the late Jang Jin-young. He also got the company listed on the KOSDAQ in 2001.

However, the late president’s younger brother Byeon Cha-sub, who took over control of the company, was reported to have been issued a preliminary arrest warrant for hiding his brother’s death and selling out borrowed-name stocks and embezzling some ten billion Won from Yedang Company in early August.

The firm tried its last shot by issuing new stocks from a third company but it eventually failed as the third firm didn’t pay the casting last week. The firm applied for an injunction to the delisting decision right away but it was not accepted as well.

Meanwhile, an official with Yedang Company assured that the company’s failed performance would have little effect on its subsidiary company.

“There is the possibility of change in Yedang Entertainment. But it is not the entertainment sector’s fault (so it won’t be affected big). Ali and C-CLOWN are working actively with their overseas concerts and more.”

At the moment, Yedang is in charge of singers Yim Jae-beum, Jo Kwan-woo, Ali, Kim Hye-ri, musical actor Cha Ji-yeon, rock band Guckkasten as well as RANIA and  C-CLOWN.

[Source by  Korea Entertainment Media Co., LTD.]