 |
KUM YANG |
[Alpha Biz= Reporter Kim Sangjin] Ryu Kwang-ji, the chairman of KUM YANG, has decided to donate over 400 billion won worth of shares to the company and will conduct a third-party allocation of new shares amounting to 300 billion won.
On October 31, KUM YANG announced that its major shareholder, Chairman Ryu, will gift 10 million shares he owns to the company. Based on the closing price on that day, the donated shares are valued at approximately 415 billion won.
Additionally, the company has resolved to carry out a third-party allocation of new shares worth 300 billion won to address short-term loans made by major shareholders. This will result in the issuance of 5,917,159 new common shares at a price of 50,700 won per share. The allocation will include 3,455,621 shares to Chairman Ryu, along with 1,542,406 shares to KJ International and 919,132 shares to KYA Eco, both of which are owned by him.
Through these measures, KUM YANG aims to improve its debt ratio, which reached 430% as of the first half of the year, and enhance its financial stability and capital adequacy. The company stated that this responsible management initiative was developed as a strong commitment and determination from the major shareholder to maximize shareholder value and interests, particularly regarding the timely completion of the "Gijang Factory 2" for secondary battery production in Gijang-gun, Busan, which is currently at a completion rate of 73%.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
