Sehwa IMC Applies for LH Appraisal for Land Purchase... Financial Soundness 'On Track'
[Asia Economy Reporter Jang Hyowon] Sehwa IMC plans to enhance its financial soundness by acquiring land with potential for asset value appreciation.
Sehwa IMC, a tire mold manufacturing specialist company (CEO Son Odong), announced on the 24th that it has applied for an appraisal from LH (Korea Land and Housing Corporation) to acquire leased land.
Sehwa IMC is pursuing this land acquisition to maximize asset utilization value. A company official stated, “Using the funds raised from the recent paid-in capital increase, we expect to proceed with purchasing the land currently leased. We hold a preemptive purchase right under a long-term land lease contract with LH, allowing us to buy the land below market price, so asset value appreciation is anticipated after acquisition.”
The official added, “We are striving to secure improved financial soundness by repaying an additional KRW 1.8 billion loan following the KRW 5 billion repayment last December. We will continue active discussions with related institutions regarding additional loan repayments and funds for acquiring facilities such as land.”
Son Odong, CEO of Sehwa IMC, said, “The use of funds raised from the paid-in capital increase is progressing step-by-step in line with its intended purpose to strengthen financial soundness. We will lay the foundation for a leap forward this year by concretizing business plans aimed at improving financial structure and increasing profit generation.”
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Meanwhile, the Gwangju Advanced Science National Industrial Complex 2 District, where the company is located, is experiencing a roughly twofold increase in real estate prices compared to initial acquisition, driven by the upcoming opening of Gwangju Urban Railway Line 2 Phase 2, the construction of a knowledge industry center, and the Buk-gu Sports Complex, along with the formation of industrial complexes and convenience facilities.
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