Greenplus Issues 15 Billion Won Perpetual CB... "Full-Scale Launch of Australian Smart Farm Business"

GreenPlus, a smart farm specialist company, announced on the 17th that it has resolved to issue perpetual convertible bonds (CB) worth 15 billion KRW, with Korea Investment & Securities as the lead underwriter. These perpetual convertible bonds will be recognized as equity in accounting terms.

Through this funding, GreenPlus has secured stable payment for raw material purchases necessary for building smart farms. This has laid the foundation for the first project of the smart farm construction contract signed last year between GreenPlus Australia and PureGreenFarm to be actively promoted.

A company representative stated, “This proactive funding will accelerate the construction speed of the PureGreen smart farm in Australia,” adding, “We are considering using the upfront payments to be received in Australia to repay the existing Redeemable Convertible Preferred Shares (RCPS).”

The market has consistently raised concerns about the overhang issue related to the existing RCPS. This measure alleviates such burdens while securing financial flexibility to focus more on the Australian smart farm business.

GreenPlus recorded its highest-ever performance in 2024 by expanding its smart farm business domestically and internationally. In particular, it focused on maximizing local agricultural productivity by applying advanced technologies such as vertical farming, optimized environmental control systems, and AI-based automated cultivation solutions. Through this, it established a sustainable smart farm model in the Australian market and laid the groundwork to increase the possibility of additional orders in the future.

Jung Soon-tae, CEO of GreenPlus, said, “We achieved record-breaking performance last year solely through smart farm projects conducted in Japan and Korea,” and added, “Especially with smart farm projects worth 81 billion KRW secured in Australia alone, we will complete raw material purchases and immediately start smart farm construction with this funding.”

He expressed confidence, saying, “As the Australian business is fully reflected in sales, we will continue to break our maximum performance records every year.”