Myungshin Industry Decides on 77.8 Billion KRW Subsidiary Debt Guarantee

[Asia Economy Reporter Minji Lee] Myungshin Industry announced on the 6th that it has decided to provide a debt guarantee for a loan of 77.8 billion KRW taken by its subsidiary Simwon NA, Corp. The guarantee amount corresponds to 26.21% of the company's equity capital.

The company stated, "This is to secure investment funds for the local factory in Texas, USA, due to increased orders from global electric vehicle manufacturers," and added, "The creditor has not been finalized, and a corrected disclosure will be made once the financial institution receiving overseas project finance insurance from Korea Trade Insurance Corporation is confirmed."