Cloud Air announced on the 2nd that it has fully recovered the principal investment of 48 billion KRW from the Kansas Signature Shipping Fund and generated an operating profit of 14.4 billion KRW.
The Kansas Signature Shipping Fund was established in June 2022, led by its affiliate Kansas Asset Management, with the purpose of acquiring Polaris Shipping, a major domestic bulk shipping company.
According to company officials, Cloud Air's initial investment in the fund was 48 billion KRW. On August 7 of this year, it received an early repayment of 33.7 billion KRW, which is 70% of the investment principal, from the Kansas Signature Shipping Fund. Today, the remaining principal balance of 14.3 billion KRW was fully repaid. Including dividends and operating profits totaling 14.4 billion KRW, the annualized operating return reached 13.09%.
A Cloud Air representative stated, "Despite the recent downturn in the project financing (PF) market and the mixed conditions in the capital market, funds were recovered in a timely manner," and emphasized, "The recovered investment will be utilized to enter new growth engine businesses that can create synergy with the existing LED business."
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