Woojin Cancels Investor CB Subscription... "No Issues with New Business 추진"

[Asia Economy Reporter Yoo Hyun-seok] Woojin will pursue new businesses using its own funds without raising capital through convertible bonds (CBs).

Woojin announced on the 7th that the investor canceled the subscription for the 4th series convertible bonds issued on the 30th of last month.

Woojin had planned to secure 38 billion KRW through the issuance of 10 billion KRW worth of convertible bonds this time, using the cash obtained from realizing gains on its stake in Sambutogeon since July. The secured funds were intended to be used to expand investment in the small modular reactor (SMR) sector and to promote new businesses.

A company official stated, "The investor, Aegis Investment Partners, recently canceled the subscription, judging that it was difficult to protect investors due to the recent sharp fluctuations in the stock market. Although the convertible bond issuance was canceled, there is no problem in pursuing new businesses as we have sufficient cash on hand."

He added, "We currently hold a total of 35 billion KRW in cash, which provides enough liquidity to proceed with the planned new businesses," and "The new businesses are related to the fields currently operated by the company."