The Board of Orion Corporation (KOSE:A001800) announced the spin-off of business sector of Manufacture, processing and sales of food and beverages on November 22, 2016. The shareholders of Orion will receive shares of Orion Holdings according to their stakes in Orion. The split ratio between Orion Holdings and Orion Corporation is 0.3420333:0.6579667. Business Sector of Manufacture, Processing and Sales of Food and Beverages of Orion Corporation will be named as Orion Corporation following completion. The present Orion Corporation will be renamed as ORION Holdings Corp. The record date for demerger is May 31, 2017. The demerger requires approval of Orion Corporation's shareholders. The Board of Directors of Orion Corporation resolved the deal on November 22, 2016. The shareholder's meeting is due on March 31, 2017. The spin-off may not push through if Orion Corporation cannot get the approval of more than two thirds of voting rights of the present shareholders at the general meeting of shareholders and more than one third of the total number of issued shares. The date for separation is expected to be June 1, 2017. The re-listing date will be July 7, 2017.

Orion Corporation (KOSE:A001800) completed the spin-off of business sector of manufacture, processing and sales of food and beverages for KRW 301.9 billion on June 1, 2017.