T'way Air Decides on 119 Billion KRW Paid-in Capital Increase (Comprehensive)
[Asia Economy Reporter Yoo Hyun-seok] T'way Air announced on the 22nd that it has decided to conduct a paid-in capital increase through a rights offering to existing shareholders followed by a general public offering of forfeited shares, amounting to 119 billion KRW, to repay debt and raise operating funds.
The issue price per share is 2,380 KRW, and the final price will be determined on April 13. A total of 50 million shares will be issued. 89 billion KRW will be used for operating funds, and the remaining 30 billion KRW will be allocated for debt repayment.
The subscription date for the employee stock ownership association is scheduled for April 18, and existing shareholders can subscribe from April 18 to April 19.
T'way Air also conducted paid-in capital increases last year following the outbreak of the COVID-19 pandemic in 2020. In 2020, it carried out a capital increase worth 66.8 billion KRW, and last year, it raised 80 billion KRW.
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Having failed to escape large-scale deficits for two consecutive years, the company sought external capital injections to improve its financial structure. It is interpreted that the capital increase was carried out this year as well, as the suspension of international flights is expected to continue.
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