Rallied by the news that Kukdong’s major shareholders signed an MOU to sell their stakes to Nexans, France, stock prices for Nexans Korea as well as those for Kukdong are rapidly rising. At 9:13 a.m. on December 3, stock price for Nexans Korea in which French Nexans has a controlling interest recorded a 14.52% hike over yesterday’s closing price, nearly the highest increase rate that was permitted during a day for one company’s share price in the Korean stock market, and Kukdong’s stock price climbed as well 6.62% to KRW 29,000 per share.

Yesterday Kukdong Electric Wire Co. announced that its major shareholders including Mr. Young Doo Lee signed an MOU to sell their 960,375 shares to Nexans for KRW 38,345,000,000.

Nexans would purchase 170,000 shares from three additional shareholders. If the deal is closed smoothly, Nexans will become a sister company of Nexans Korea.