View of KUM YANG Busan factory. (Photo=KUM YANG)

 

[Alpha Biz= Reporter Paul Lee] KUM YANG Chairman Ryu Kwang-ji disposed of 4.5 percent of his holdings worth 243.9 billion won at once. It is explained that the stake was sold to finance the construction of the secondary battery plant in Geumyang.

KUM YANG announced on the 3rd that Chairman Ryu disposed of 2.3 million shares (about 4.55%) through after-hours trading (block deal). The unit price per share is 106,049 won, which is about 243.9 billion won. Ryu's stake has been lowered to 35.62% from the previous 40.17% by selling his holdings. The company explained that Chairman Ryu sold the shares to build a secondary battery Gijang plant and lend facility investment funds against the backdrop of his disposal of the shares.

On this day, KUM YANG announced that it will increase short-term borrowings for the construction of secondary battery plants. The borrowing comes to a total of 243.2 billion won. In other words, Ryu will borrow as much of the shares he disposed of from Ryu to invest in facilities. The total short-term borrowing has increased to 513.3 billion won.

Chairman Ryu's stake value rose sharply last year as KUM YANG shares rose sharply due to the secondary battery craze. According to CEO Score, the value of Ryu's stake surged from 549.1 billion won at the end of 2022 to 2.3849 trillion won at the end of last year

 

 

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