Setopia Acquires Convertible Bonds from SA Corporation..."Strengthening Management Control"

Setopia announced on the 26th that its largest shareholder, SA Corporation, has expanded its shareholding ratio in Setopia through the acquisition of convertible bonds.

On the 18th, Setopia completed the payment of 5.1 billion KRW for the 19th series convertible bonds to SA Corporation as an interim payment for the acquisition of tangible assets. The remaining balance is scheduled to be paid in April 2024.

The number of shares convertible from the convertible bonds acquired by SA Corporation this time is 2,320,291 shares (based on a conversion price of 2,198 KRW), which accounts for 3.08% of the total shares. The conversion request period is from December 18, next year, to November 18, 2026.

If SA Corporation converts the 19th series convertible bonds, the shareholding ratio of the largest shareholder and related parties will increase to 15.15%.

An official from SA Corporation stated, “The acquisition of these convertible bonds will be used as a means to strengthen management control,” and added, “We will continue to do our best to cooperate in strengthening management control and creating a stable management environment for Setopia.”

A Setopia official said, “The largest shareholder and CEO Seo Sang-cheol of Setopia acquired approximately 4.2 billion KRW worth of shares this year alone through on-market purchases and third-party allotment rights offerings,” and added, “We plan to continuously expand our shareholding ratio going forward.”

They also added, “In the rare earth value chain construction business division, which is receiving great attention domestically and internationally, we expect full-scale sales to begin early next year.”

This content was produced with the assistance of AI translation services.