OCI’s Share Price Plunges Due to Large Supply Contract Cancellation

South Korea's chemical and green energy company OCI Co. saw its share price plunge due to the cancellation of a polysilicon supply contract worth 120 billion won (US$107.05 million).

The stock of OCI was traded at 77,700 won (US$69.31) in the morning on September 19, down 3.48 percent from the previous trading day.

Earlier, OCI announced to cancel the 121.7 billion won (US$108.56 million) polysilicon supply contract signed with SKC Solmics on the 13th before the Chusok holiday.

The company said, “OCI signed a polysilicon supply contract with SKC Solmics from 2011 to 2018. However, the contract was cancelled as SKC Solmics decided to exit the solar power business.”