Jinro delays IPO on sluggish stock market

SEOUL, Sept. 24 (Yonhap) -- Jinro Ltd., South Korea's top distilled liquor
producer, said Wednesday the company will postpone its initial public offering
(IPO) until early next year due to a turbulent stock market.
Jinro, which controls 52 percent of the local market for soju, a popular
distilled liquor, had planned to offer 43 million shares by November.
"We decided to delay the planned IPO due to global financial instability and the
weak soju market," said Jinro CEO Yoon Jong-woong in an event to launch a new
brand.
Jinro was de-listed from the Seoul main bourse in 2003 after it went bankrupt. In
2005, South Korea's top beermaker, Hite Brewery Co., acquired the company.
Affected by U.S. financial woes and unfavorable economic conditions, South
Korea's benchmark KOSPI index has fallen about 26 percent this year, forcing
several companies, including Kumho Life Insurance Co. and SK C&C Co., to delay
planned IPOs.
A total of six companies have gone public on the main bourse this year, down 46
percent from a year ago.