Gwangju Bank Provides Operating Funds to Daehan Chosun Co., Ltd.

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 22nd that it has provided 21.2 billion KRW in operating funds to the local shipbuilding company facing difficulties, Daehan Shipbuilding Co., Ltd.

Additionally, it plans to provide another 21 billion KRW in August, bringing the total amount to 42.2 billion KRW.

Daehan Shipbuilding Co., Ltd. (CEO Jung Dae-sung) was established on September 30, 1987, with its headquarters in Haenam-gun, Jeollanam-do. The company orders and constructs ships such as medium-sized tankers both domestically and internationally. Since its establishment, it has ordered 113 medium-sized tankers and delivered 93 as of last March, holding the number one market share worldwide.

This operating fund support was guaranteed by the Korea Development Bank, the main creditor bank of Daehan Shipbuilding Co., Ltd., and is intended to cover operating expenses such as raw material purchases required to build 20 ships currently under construction. The funds are planned to be repaid later through ship acquisition payments.

Song Jong-wook, president of Gwangju Bank, said, “We believe it is our mission as the representative bank of Jeonnam and Gwangju to inject funds timely into competitive local SMEs to facilitate smooth business operations and to do our utmost to revitalize the local economy. We will prepare various financial support measures to accompany the revival of our local shipbuilding industry and the win-win development with SMEs playing a pivotal role in the regional economy.”

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