Osstem Implant, a dental equipment and supplies manufacturer, said it would voluntarily delist from the Kosdaq market on Aug. 14, 16 years after the company started trading on the tech-heavy secondary stock market,

Korea Exchange finalized the delisting of Osstem after deliberations by the Corporate Review Committee.

According to the pre-delisting tender offer, a bid extended by a company to its shareholders to buy back its shares before it delists from a stock exchange, the period will last from Thursday to next Friday. The pre-delisting tender offer is typically made at a premium to the current market price.

Osstem's shares stood at 1,880,000 won ($1,456) on Wednesday, and Dentistry Investment, a consortium formed by MBK Partners-Unison Capital Korea (UCK) and the largest shareholder of Osstem, said it plans to purchase remaining shares for 1.9 million won per share.

Dentistry Investment had been pursuing a voluntary delisting through a tender offer.

After the second tender offer, the consortium currently holds 96.2 percent of the company's shares.

When the largest shareholder of a Kosdaq-listed company applies for voluntary delisting, the Corporate Review Committee considers whether the shares held by the largest shareholder and the tender offer terms meet the standards for realizing public interest and protecting investors.

Minority shareholders hold a 3.91 percent stake in the company.