Samjin Foods announced on the 18th that it had submitted a preliminary examination application for a merger listing with KB No. 31 Corporate Acquisition Purpose Co., Ltd. to the Korea Exchange on the 17th, and has entered into a full-fledged KOSDAQ listing schedule.
Samjin Food, established in 2004, produces various products such as liquid eggs, fried eggs, omelets, and spread eggs based on excellent egg processing technology. As the domestic and international convenience food market size increases, the company's performance is also steadily growing. Last year, sales were 40.8 billion won, and operating profit was 4 billion won, up 22.5% and 42.8%, respectively, compared to the same period last year.
In particular, Samjin Food's largest shareholder is Youngshin Co., Ltd., the largest single-layer hen farm in Korea, and through this, the company has completed a vertically integrated supply chain. Youngshin Co., Ltd.'s daily average egg production is 1 million eggs, accounting for 2.2% of the total domestic egg production. Accordingly, the company has minimized the impact of raw material price fluctuations, the biggest variable in the egg processing industry, and has significantly increased productivity by establishing an automated production system that has received HAACP certification.
Samjin Food plans to expand its domestic and international egg processing supply based on its KOSDAQ listing. First, with the growth of the group meal market in Korea and the full opening of the military meal market to the private sector, demand for egg processing products is expected to continue to increase. In addition, with the global K-food craze and increasing interest in low-calorie diets, global supply performance is also expected to grow rapidly.
Samjin Food CEO Cheon Jong-tae said, “Based on this preliminary examination request, Samjin Food is accelerating its efforts to list on the KOSDAQ market in the second half of the year,” adding, “Through this, we will expand our management base and grow into a leading egg processing company trusted by domestic and foreign customers.”
Chief Marketing Officer (CMO) Lee Young-kyu said, “As global K-food exports in the first quarter of this year recorded the highest ever and grew, we expect export growth of processed egg products to be steep as well,” adding, “Samjin Food will complete its KOSDAQ listing within the year and expand its global influence as the first KOSDAQ-listed company specializing in egg processing.”
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