Suseong Webtoon Major Shareholder Converts 10 Billion KRW Convertible Bonds to Common Stock

Toomics Holdings, the largest shareholder of Suseong Webtoon, announced on the 31st that it converted 10 billion KRW worth of convertible bonds (CB) into common stock. With the conversion of convertible bonds into common stock, Suseong Webtoon's debt decreased, improving its financial soundness, and the largest shareholder's management control was strengthened.

Toomics Holdings' shareholding increased by 6.8 percentage points (P) from the previous 40.9% to 47.7%. The CEO of Toomics Holdings concurrently serves as the CEO of Suseong Webtoon, Younghak Yoo. CEO Yoo said, "The positions of convertible bond investors and shareholders cannot always be the same," adding, "The responsibility for management performance has increased in proportion to the scale of CB conversion into common stock." He continued, "Since control has also been strengthened, we will do our best to leap and transform into a global K-webtoon company, which was our original goal."

CEO Yoo explained, "Converting convertible bonds held by the largest shareholder into stock certificates demonstrates a commitment to responsible management," and added, "We will continue to do so whenever the opportunity arises."

Suseong Webtoon is pursuing a par value consolidation and an increase in its stake in the global webtoon platform Toomics. If it secures more than 70% of the shares, Suseong Webtoon expects to establish a high-profit business model with annual sales in the 100 billion KRW range and an operating profit margin of over 20%. Recently, its semiconductor equipment subsidiary, Future Hightech, secured an initial order for HBM inspection equipment for SK Hynix.

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