Hyosung acquires KRW 100B CB, stake rises to 71.5%

Largest shareholder Hyosung Corporation acquired 2,570,694 subordinated convertible bonds (CB) of Hyosung Chemical at KRW 38,900 per share, total KRW 100 billion.
Including CB, Hyosung and its special relations' beneficial ownership in Hyosung Chemical increased from 52.17% to 71.50%.
The acquisition was fully funded by debt (loans from Kookmin Bank, Hana Bank, and CP underwriting by Hanwha Investment & Securities).
Common share ownership remains unchanged at 52.17%.
Pledge contracts on some shares held by Cho Hyun-joon and Cho Hyun-sang were renewed.

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