Monami, the South Korean stationery maker known for its iconic 153 ballpoint pen, expressed gratitude for the outpouring of public support after fears that it could be delisted from the country's main stock market sent its shares soaring, pledging to repay that trust with higher-quality products.
In a handwritten letter posted on the company's website, CEO Song Jae-hwa thanked customers and investors for standing by the company during what he described as an uncertain period.
"Seeing the wave of support for Monami spreading online has deeply moved me and made me feel an even greater sense of responsibility," Song wrote. "The trust and support that you have given us even during such insecure times has strengthened us with irreplaceable power."
The wave of support came after South Korea this month raised the minimum market capitalization required to maintain a Kospi listing from 20 billion won ($13.3 million) to 30 billion won.
Monami's market capitalization, at Wednesday's stock market close, was 25.9 billion won, below the new threshold. The company has also remained in the red for the past three years amid sluggish sales.
News of the potential delisting prompted a wave of buying by retail investors, sending Monami's shares up 24.69 percent on Thursday and another 25.66 percent on Friday. The rally lifted the company's market capitalization to 40.5 billion won, well above the new 30 billion-won threshold.
Founded in 1960, Monami is best known for its 153 ballpoint pen, often referred to as South Korea's "national pen."
Monami is not the first South Korean company to receive a surge of grassroots support from retail investors. Earlier in July, retail investors launched a voluntary buying campaign for Hansung Enterprise's stock amid concerns that tighter listing rules could put the food maker at risk of delisting.
Through social media and online communities, users urged others to buy the company's signature crab-flavored surimi stick, Crami, as well, highlighting Hansug Enterprise's long-running support for Korean War veterans and other charitable activities. The company later issued a statement thanking customers for their encouragement.
shwang9@heraldcorp.com
