Hanp "Jeju CC to Convert into Public Golf Course... Sale Process Accelerates"

Withdrawal of Corporate Rehabilitation Petition... Resumption of Stock Trading
CB Repayment with Jeju CC Sale Proceeds
Expectations for Business Normalization through Financial Structure Improvement

[Asia Economy Reporter Park Hyungsoo] Hanp has withdrawn its application for corporate rehabilitation proceedings, expecting the sale of Jeju CC to be completed sooner than initially anticipated.

Hanp announced on the 11th that it had applied to the Daejeon District Court to withdraw its application for the commencement of corporate rehabilitation proceedings. As a result, trading of Hanp's shares will also become possible.

A Hanp official explained, "On the 4th, we received approval from Jeju Special Self-Governing Province to convert Jeju CC from a membership-based golf course to a public golf course," adding, "We have obtained a sports facility registration certificate, and the sale of Jeju CC is gaining momentum."

He continued, "We applied for corporate rehabilitation fearing that the sale of Jeju CC would take a long time," and added, "We are conducting the sale of Jeju CC fairly and swiftly with a law firm as the lead agent."

Several domestic and international companies have expressed interest in purchasing Jeju CC, and Hanp has selected a preferred buyer. Hanp explained that they are currently in the stage of negotiating detailed contract terms.

Hanp plans to repay convertible bonds (CB) after selling Jeju CC. Once the convertible bonds are repaid, Hanp's borrowings will be reduced to approximately 6.5 billion KRW.

An official emphasized, "After selling Jeju CC and repaying the CB, Hanp's financial structure will improve," and added, "We will strive to normalize management, including resuming the hydrogen fuel cell power generation business."