by Jang Hyowon
Published 28 Apr.2023 08:54(KST)
JSCO Holdings announced on the 28th that the payment for the 3rd series convertible bonds (CB) issued to Meritz Securities has been completed.
Of the 40 billion KRW secured, JSCO Holdings allocated 29 billion KRW to debt repayment funds to strengthen its financial structure. It exercised the put option (call option) on 24 billion KRW of the 1st series convertible bonds, and plans to either contribute to enhancing shareholder value by proceeding with the cancellation after acquisition or handle it in a way that aids financial stability through resale.
The remaining 11 billion KRW will be used for operating funds and the deposit for the exclusive sales rights contract related to the nickel mine in the Philippines, aiming to expand investment in the nickel ore business.
Recently, EVMD (EV Mining & Development), in which JSCO Holdings acquired a 10% stake, has completed preparations for full-scale administrative procedures by recruiting experts who are former officials from various fields such as Philippine mine development administration and law. A task force (TF) has also been formed, centered on experienced personnel from public institutions related to permits, exports, and imports for mine business development, intending to accelerate the nickel ore business.
A company official stated, “Based on the secured funds, we are focusing not only on investment in the nickel ore business but also on securing financial soundness,” adding, “We will continue to strengthen our position as a nickel ore specialist company based on Philippine mines while striving to secure future growth momentum to enhance corporate value and protect shareholder value.”
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