KRW 120 Billion Loan to Affiliate Myeongshin, Distress Concerns

Decision to provide KRW 120 billion loan to Myeongshin (18.82% of equity)
Purpose: Repayment of borrowings by affiliate Myeongshin
Terms: Interest rate 4.6%, 2-year maturity (until 2028-05-15), early repayment possible
Myeongshin's financials: As of end-2025, equity capital -KRW 9.561 billion, net loss -KRW 31.621 billion, total liabilities KRW 282.647 billion (capital impairment)
Board meeting: 2 outside directors absent, auditor absent (governance risk)
Total loan balance including this: KRW 162.045 billion

ADVERTISEMENT (250px+)