Kumyang Headquarters (Photo: Kumyang)

 

 

[Alpha Biz= Kim Jisun] Kumyang, a KOSPI-listed company, has unexpectedly withdrawn its plan for a 4.5 trillion won rights offering.

Kumyang announced in a disclosure, "After a comprehensive review of the situation, we concluded that raising funds through other methods would better serve the interests of existing shareholders and new investors, and contribute more to corporate value. Therefore, we have reluctantly decided to withdraw the rights offering."

On September 27 last year, Kumyang had resolved to raise 4.5 trillion won through a rights offering for facility funds and debt repayment, and submitted a securities registration statement on September 30. However, on October 17 last year, the Financial Supervisory Service required a corrected filing, and there has been no further progress since.

Kumyang explained the reason for withdrawing the rights offering, stating, "Due to the prolonged delay, unexpected internal and external factors have led to a situation where the expected value from the rights offering has significantly fallen short of the initial target."
 

 

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