The largest shareholder of Irem, SNT No.1 Investment Association, will officially begin participating in the reconstruction of Ukraine through an additional capital investment of 5 billion KRW.
On April 22, Irem announced through a disclosure made the previous day that it had decided on a third-party allotment capital increase worth 4,999,990,000 KRW. The lock-up period is one year from the date of issuance.
The funds raised through this capital increase will be used to promote the Ukraine reconstruction project and to cover related operating expenses. Recently, Irem has been expanding its business areas amid rising expectations of benefiting from postwar recovery projects in Ukraine.
Irem, through its affiliate XRB, has signed a supply agreement for vanadium-based energy storage systems (ESS) to help restore Ukraine’s power grid, establishing a foothold for entry into the global market. In addition, expectations are growing for benefits from the Alaska liquefied natural gas (LNG) project being promoted by the United States. Irem, which has secured major international classification certifications including from Korean Register (KR), is also further strengthening its stable supply base for steel pipes used in shipbuilding, including LNG carriers.
An Irem official stated, "We expect not only our ESS business but also our deck business and the cement and ready-mix concrete businesses of Sehwa Industry, the largest contributor to the association, to create synergy in the Ukraine reconstruction project."
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