KoAsia Expands KoAsia CM Controlling Stake to 45.1%

CoAsia has strengthened its control over CoAsia CM, a subsidiary in the camera lens module business division. The strategy is to establish a stable governance structure considering the mid- to long-term growth potential of CoAsia CM.

On the 24th, CoAsia announced that it exercised the conversion rights of approximately KRW 9.4 billion worth of CoAsia CM's '8th series convertible bonds' that it held. The conversion price is KRW 2,300, about 37% higher than CoAsia CM's current stock price. The number of shares issued through the exercise of the conversion rights is 4,086,957 shares. This accounts for about 9% of CoAsia CM's total issued shares, resolving the overhang risk for CoAsia CM.

CoAsia directly holds about 9% of CoAsia CM's shares. When combined with the 32.5% stake held by CoAsia Cape No.1 New Technology Business Investment Association, CoAsia's effective controlling stake in CoAsia CM reaches 41.5%. The CoAsia Cape No.1 New Technology Business Investment Association holds the largest single shareholder position in CoAsia CM. CoAsia owns approximately 63% of the shares in CoAsia Cape No.1 New Technology Business Investment Association.

A CoAsia representative stated, "We expect to achieve an improved strategic position in the market through stable growth and strengthened competitiveness of the camera module business division," adding, "We will closely cooperate with key clients to solidify our market leadership."

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