Hyundai Motor Securities noted that the subscription rate for the paid-in capital increase targeting the employee stock ownership association reached 161% (4.86375 million shares) on the 19th. Hyundai Motor Securities prioritized 10% (3.012048 million shares) of the new shares from the capital increase for the employee stock ownership association, accepting subscriptions from the 11th to the 17th.
Hyundai Motor Securities interpreted that the active participation of employees in the employee stock ownership subscription is due to expectations that the stock price is undervalued and that securing competitiveness could improve performance.
The issuance price of the new shares from the paid-in capital increase will be determined at the lower amount between the first issuance price (5,590 won) and the second issuance price to be determined on the 21st. The quantity allocated to the employee stock ownership association will be subject to a mandatory lock-up period of one year according to the protection clause.
The existing shareholders' subscription will be conducted for two days starting on the 26th. If there are any unsubscribed shares after the existing shareholders' subscription, a public offering process will be carried out for general investors from March 4th to 5th. The new shares will be listed on March 19th.
Hyundai Motor Securities plans to utilize the funds raised from the paid-in capital increase for the construction of a next-generation ledger system and to enhance its equity capital.