© Archyde.com. Why did Taekwang Industrial, which has no stake in it, issue a 400 billion won paid-in capital increase to Heungkuk Life Insurance?[심성미의 증시 돋보기]
The securities industry is noisy with the news that Taekwang Industrial will give Heungkuk Life Insurance a paid-in capital increase of 400 billion won. Why did Taekwang Industrial, which does not have even one share of Heungkuk Life Insurance, want to participate in the capital increase of Heungkuk Life Insurance?
According to the industry, Taekwang Industrial will hold a board of directors meeting on the 13th to vote on an agenda to participate in a paid-in capital increase of regarding 400 billion won by way of third-party allocation to Heungkuk Life Insurance. On the 8th of last month, Heungkuk Life Insurance threw the market into confusion when it refused and reversed the early redemption (call option) of foreign currency new capital securities worth $ 500 million (regarding 560 billion won). The crisis was passed by issuing repurchase agreements (RP) for commercial banks, but it is a desperate measure that came out in a situation where the’large shareholder responsibility theory’ is growing.
The majority shareholder of Taekwang Industrial and Heungkuk Life Insurance is the same. Lee Ho-jin is the former chairman of Taekwang Group. Former Chairman Lee owns a 56.3% stake in Heungkuk Life Insurance and owns a 100% stake when including friendly stakes. Chairman Lee’s stake in Taekwang Industrial is 29.48%, which is 54.53% if the family shares are included.
However, the problem is that Heungkuk Life Insurance is not a subsidiary of Taekwang Industrial. Only the majority shareholder is the same, but Taekwang Industrial does not own a single share in Heungkuk Life Insurance. And Taekwang Industrial is a listed company, not an unlisted one. The burden of 400 billion won supported by Heungkuk Life Insurance, which is in a liquidity crisis, in the way of ‘pour water into the bottomless dock’ means that Taekwang Industrial’s shareholders must bear the burden. Taekwang Industrial’s minority shareholder ratio reaches 99.66%.
Shareholders rebelled once morest it. Truston Asset Management, which owns a 5.80% stake in Taekwang Industry, issued a statement on the same day and said, “If Taekwang Industry participates in Heungkuk Life Insurance’s paid-in capital increase, this is a decision to sacrifice the rights of minority shareholders of Taekwang Industry for the sake of major shareholders. reveal,” he said.
“The recent liquidity risk of Heungkuk Life is a problem that Heungkuk Life’s shareholders have to solve,” he said. “The idea is to share only the crisis situation with minority shareholders while the majority shareholder monopolizes the performance,” he criticized intensely. It doesn’t seem to be wrong.
In response to the Korea Exchange’s request for public disclosure of whether or not to participate in capital increase, Taekwang Industrial said in the followingnoon that day, “We are reviewing participation in capital increase of Heungkuk Life Insurance Co., Ltd., but nothing has been confirmed yet.” We will announce it once more in the near future.”
Ahead of the board meeting on the 13th, the market’s attention is also drawn to the photos of outside directors of Taekwang Industrial. Excluding two inside directors, there are a total of three outside directors. Daegeun Kim, Associate Professor of Mechanical Engineering at Dankook University, Accountant Jeongin Na, and Wonjun Choi, Associate Professor of Mechanical Engineering at Korea University. I am interested in whether they can actually vote in favor of participating in the capital increase of Heungkuk Life Insurance, and what grounds they can present if they decide to participate in the capital increase of Heungkuk Life Insurance without a share.
Reporter Sim Seong-mi [email protected]
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