Korea Technology Major Shareholder "Providing Additional Collateral to Financial Companies"

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company, stated on the 29th, "There will be no further additional forced sales as the largest shareholder has set additional collateral and reached an agreement."

Previously, over the past three days, the largest shareholder of Korea Technology, Korea Innovation, executed a forced sale of 5.9% of Korea Technology shares provided as collateral to SangSangIn Savings Bank and SangSangIn Plus Savings Bank.

In response, Korea Innovation, the largest shareholder of Korea Technology, is known to have set additional collateral to enhance shareholder value.

A company official said, "Due to the current unstable domestic and international economic environment, rising raw material prices have caused deterioration in the performance and profitability of subsidiaries, as well as a slowdown in cash liquidity, leading to a decline in stock price and triggering forced sales. We have decided to provide additional collateral to prevent any further forced sales."

Regarding the subsidiary Daewoo Shipbuilding & Marine Engineering Construction union's rehabilitation application, the official added, "We will definitely achieve normalization by January through coexistence with the union by eliminating rehabilitation claims."

Meanwhile, Korea Technology has previously announced that it is proceeding with the disposal of non-core businesses and real estate sales to secure cash liquidity.