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[Alpha Biz=(Chicago) Reporter Kim Jisun] Taihan Cable & Solution will carry out a paid-in capital increase of about 520 billion won to build the second submarine cable plant.
Taihan Cable & Solution announced on the 14th that it will carry out a paid-in capital increase of 520 billion won through a general public offering of actual shareholders after allocating shareholders to set up production bases in areas where investment in power infrastructure is increasing, such as the U.S. and Europe, to enhance global competitiveness. The number of newly issued shares is 62 million and the expected issuance price for the day is 8,480 won per share. The final paid-in capital increase and issuance price will be finalized on February 22, 2024, depending on future stock prices.
Taihan Cable & Solution will first allocate about 0.5 new shares per share held to old shareholders (as of January 18) and make a subscription to old shareholders from February 27 to 28 next year. Hoban Industry (40.1% stake), the largest shareholder, will participate in the bequest. After shareholder allocation, disqualified shares will then proceed with a two-day general public offering from March 4, and the scheduled date for listing new shares is March 21.
Taihan Cable & Solution will invest about 470 billion won in the construction of the second submarine cable plant (hereinafter referred to as the second submarine plant). The company plans to actively respond to the growing worldwide demand for submarine cables by making a speedy push to the second plant following the seabed 1 plant, which is currently being built at an ancient pier in Dangjin, South Chungcheong Province. Undersea Plant 2 is a dedicated plant that can produce 525kV-class HVDC (ultra-high-pressure direct current transmission) submarine cables and 345kV-class external network submarine cables, and plans to complete the construction of the plant within 2026 and operate it from the first half of 2027. The second plant will build state-of-the-art lines such as the VCV (vertical Continuous Extrusion System) tower, a key facility for ultra-high-pressure cable production, to secure about five times more production capacity than the first undersea plant.
Taihan Cable & Solution is gradually expanding its production capacity to HVDC cables, starting with the first stage internal network of the submarine cable plant in Dangjin, Chungnam. At the same time, it plans to establish itself as a total solution company related to offshore wind power with construction capabilities such as submarine cable transportation and installation.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
