Hanwha General Insurance Participates in Carrot General Insurance's Paid-in Capital Increase... Expands Stake to 56.6%

[Asia Economy Reporter Kim Heung-soon] Hanwha General Insurance announced on the 23rd that it will participate in Carrot General Insurance's paid-in capital increase, acquiring 12.32 million shares including unsubscribed shares for 61.6 billion KRW. The investment date is the 25th.

Earlier, Carrot General Insurance announced last month that it would carry out a paid-in capital increase worth a total of 100 billion KRW through a rights offering to existing shareholders and a third-party allotment. The third-party allotment target is T map Mobility, a mobility subsidiary of SK Telecom, with an allocation amount of 10 billion KRW.

Following this paid-in capital increase, Hanwha General Insurance's stake will increase from the previous 51.6% to 56.6%. SK Telecom's stake will decrease from 20% to 10%, while its subsidiary T map Mobility will secure 5%. The stakes of Stick Investment and Hyundai Motor Company will remain at 15% and 3.5%, respectively.

Hanwha General Insurance explained, "This paid-in capital increase aims to strengthen financial soundness to achieve Carrot General Insurance's mid- to long-term business plan."