[Public Notice+] Woosu AMS to Conduct 7.5 Billion KRW Paid-in Capital Increase Targeting Hyundai BS&E

[Asia Economy Reporter Jang Hyowon] Kosdaq-listed company Woosoo AMS announced on the 29th that it will conduct a third-party allotment paid-in capital increase worth 7.5 billion KRW targeting Hyundai BS&E, an affiliate of the Hyundai group’s Hyundai BS&C.

Hyundai BS&E is a subsidiary of Hyundai BS&C, led by President Jeong Daeseon. Once this paid-in capital increase is completed, Hyundai BS&E’s held shares will be subject to a one-year lock-up period. The company stated, “Since short-term liquidity is difficult, the investment was made with a view to long-term future value.”

In addition, Woosoo AMS plans to hold an extraordinary general meeting of shareholders on November 20 to appoint Lee Hyuwon, Chairman of Hyundai BS&C, and Kim Jeongik, CEO of Hyundai Pay, as outside directors. Hyundai Pay is also a subsidiary of Hyundai BS&C.

A company official said, “With the recent appointment of Chung Euisun as the new chairman of Hyundai Motor Group and the full-scale start of third-generation management at Hyundai Motor, attention is focused on the future business direction of Woosoo AMS, which is promoting global automotive parts supply and ultra-small electric vehicle business while receiving investment from Jeong Daeseon’s Hyundai BS&C.”

Meanwhile, Woosoo AMS’s stock price fell following the news of Hyundai BS&E’s participation in the paid-in capital increase. The company explained, “Along with recent sales announcements from the Peugeot Group and Volkswagen, and the selection of the ‘ultra-small electric vehicle’ sector in the Ministry of Trade, Industry and Energy’s industrial restructuring, there was a short-term surge, leading to a correction phase.”