Sehwa IMC Completes CB Conversion, Increases Equity Capital
[Asia Economy Reporter Jang Hyowon] Sehwa IMC's 16 billion KRW convertible bonds (CB) have expired, increasing the equity ratio.
Sehwa IMC (CEO Son Odong) announced on the 24th that the 16 billion KRW convertible bonds issued in February 2018 expired on the 22nd. As a result, Sehwa IMC's equity capital increased by approximately 15.3 billion KRW, from 40.7 billion KRW to 56 billion KRW as of the third quarter of 2020, a 35% rise.
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A company official stated, "By January 22, the conversion date of the convertible bonds, more than 95% of the total issued bonds were converted into common stock, and the conversion amount exceeding the face value was transferred to capital surplus, thereby strengthening equity capital," adding, "The conversion of bonds into stocks reduced the interest rate, which was as high as 6% per annum."
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