SAMBU Construction, which began corporate rehabilitation procedures, immediately plunged to the lower trading limit as of the 6th after the trading suspension was lifted.
As of 9:31 a.m. on the 7th, SAMBU Construction shares are trading at 643 won, down 29.96% (275 won) compared to the previous trading day in the securities market.
Earlier, on the 6th, the Seoul Rehabilitation Court's Rehabilitation Division 3 (presided over by Chief Judge Jung Jun-young) stated that it had made a decision to initiate rehabilitation procedures for SAMBU Construction. The deadline for submitting the rehabilitation plan is July 17th. This appears to have dampened investor sentiment.
According to the court, SAMBU Construction has been frequently unable to recover construction payments and loans due to the sharp rise in raw material prices and the recession in the construction market. Due to sustained operating losses and declining sales over the past few years, SAMBU Construction's liability ratio has reached 838.5%. SAMBU Construction had previously applied for rehabilitation procedures in 2015 due to deteriorating financial conditions and completed the procedures 26 months later.
SAMBU Construction applied for the initiation of rehabilitation procedures on the 24th of last month, leading to a suspension of trading until the court's decision on the initiation of rehabilitation procedures, which was resumed on that day.
Meanwhile, SAMBU Construction is under investigation by the Financial Supervisory Service (FSS) due to allegations of stock price manipulation involving Kim Keon-hee, the spouse of President Yoon Suk-yeol. Additionally, FSS has identified and is investigating the sale of hundreds of billions of won worth of stocks from around 10 accounts related to former SAMBU Construction Chairman Cho Sung-ok, his family, major shareholders, and affiliated corporations since May 2023.
Ibok-hyeon, the head of the FSS, remarked on the 5th regarding the investigation into stock price manipulation involving SAMBU Construction's major shareholders, saying, "It is hard to deny that some stakeholders realized profits exceeding 10 billion won."