Onul ENM "Enhances Financial Stability by Easing Convertible Bond Burden and Securing Tax Victory"

KOSDAQ-listed company Onul ENM announced on October 14 that it is accelerating the recovery of its financial soundness by simultaneously securing a large cash inflow and a favorable outlook regarding its tax issues.

Onul ENM has completed the sale of 22.32 billion won out of the 26.1 billion won in early redemption holdings from its fifth convertible bond issuance, totaling a confirmed cash inflow of 24.552 billion won. Of this, 16.22 billion won has already been converted. The company is also in the process of selling the remaining 3.78 billion won.

Through this sale and conversion, convertible bonds worth 30.12 billion won have already been converted, eliminating the risk of additional supply in the market. In addition, the remaining bonds for sale include a clause prohibiting early redemption, thereby blocking the possibility of future cash outflows.

Progress has also been made on the tax issue. On August 13, the Seoul Administrative Court granted an injunction to suspend the enforcement of a 29 billion won tax assessment imposed by the Namdaemun Tax Office. As a result, compulsory enforcement will be halted until the main ruling, and if Onul ENM wins the case, capital impairment is expected to be fully resolved.

A representative from Onul ENM stated, "Through the sale and conversion of convertible bonds, we have secured a cash inflow of 24.55 billion won, and the injunction against the Namdaemun Tax Office's VAT assessment has removed uncertainty. Excluding unrealistic tax factors, we have already achieved a normal financial structure, and we expect to fully resolve capital impairment and restore financial soundness within this year."

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