[Alpha Biz= Reporter Kim Minyoung] On the 28th, Crescendo Equity Partners, a domestic private equity firm and a major shareholder of Seojin System (178320), announced that it had sold a portion of its stake in Seojin System through a block deal before the start of the KOSDAQ market, aiming to repay acquisition financing. Crescendo utilized the proceeds of 537 billion won from this block deal entirely for repayment of acquisition financing.
Seojin System disclosed that Crescendo had sold 1,742,488 shares through the block deal, under the lead management of Korea Investment & Securities. The shares were purchased by existing shareholders of Seojin System and domestic and foreign investors.
With this stock sale, Crescendo secured 537 billion won. The sale price per share was set at 38,180 won, a 5.9% discount from the previous day's closing price of around 32,750 won.
The size of this block deal accounts for approximately 3.13% of the total issued shares of Seojin System, which is about 55,702,423 shares in total. It represents about 15.10% of the shares held by Crescendo, which had a stake of 11,543,018 shares before the transaction.
As a result of this transaction, Crescendo's ownership in Seojin System decreased from 20% to 17%.
Seojin System recorded sales of 325.7 billion won and operating profit of 43.3 billion won in the first quarter of this year. It continues to grow through various portfolios, including electric vehicle and battery components, semiconductor equipment, telecommunications equipment, data center business, and energy storage systems (ESS).
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
