KPS Transfers 14.4 Billion KRW Stake of Subsidiary Battery Solutions to Hana Bank and Others

Display equipment and materials company KPS announced on the 28th that it will transfer 1,102,072 shares of its comprehensive battery recycling subsidiary Battery Solutions to nine entities, including Hana Bank, for approximately 14,499.96 million KRW.

According to KPS's announcement on the same day, the transfer amount corresponds to 24.75% of the consolidated equity as of last year. The purpose of the transfer is to dilute the shareholding ratio of Battery Solutions for its listing and to secure investment funds. After the transfer, KPS's stake will be 77.83%. The transaction amount will be paid in full in cash on the day.

Earlier, KPS changed the name of its subsidiary Segiritec to Battery Solutions. Battery Solutions has signed a lead underwriting contract with KB Securities and a co-underwriting contract with Kiwoom Securities, aiming for a listing next year. Battery Solutions recorded sales and operating profit of 26.3 billion KRW and approximately 3.8 billion KRW, respectively, in the first quarter of this year. Accordingly, KPS's consolidated sales and operating profit were also recorded at 31.7 billion KRW and 3.4 billion KRW, reflecting a 202% growth and a turnaround to profitability.