Wonik IPS Co., Ltd. (KOSDAQ:A030530) announced the spin-off of manufacturing for display & solar machine business on November 9, 2015. Shareholders of Wonik IPS shall receive 0.5127095 of the business for each Wonik IPS share held. The business will be named as Wonik TGS Co., Ltd. March 31, 2016, is the record date for the transaction.

The spin-off transaction is expected to close on April 1, 2016. The transaction requires approval from Wonik IPS shareholders and the meeting is scheduled on November 30, 2015. Shareholders closure period is from December 1, 2015 to December 8, 2015.

Board of Wonik IPS resolved the transaction on November 9, 2015. Spin-off program plan approval date is February 25, 2016. As on February 25, 2016, the transaction was approved by the shareholders of Wonik IPS Co., Ltd.