Kumyang's decision to suspend its paid-in capital increase plan has led to a rise in its stock price.
Kumyang's stock was traded at 21,600 won on the KOSPI market at 9:19 a.m. on the 20th, an increase of 7.46% (1,500 won) from the previous day.
On the 17th, Kumyang withdrew its plan for a 450 billion won paid-in capital increase. Kumyang noted, "The paid-in capital increase has faced significant delays due to unexpected internal and external factors, resulting in a situation that substantially falls short of the expected value associated with the originally intended paid-in capital increase," and added, "We believe that securing funds through other methods instead of a public offering for the paid-in capital increase would be more beneficial for existing shareholders, new investors, and corporate value."
Kumyang announced a paid-in capital increase plan last September for facility investments and debt repayments. However, the following month, the Financial Supervisory Service requested the submission of a corrected securities filing, and thereafter, no progress was made on the paid-in capital increase.