Sonid, a KOSDAQ-listed chemical products manufacturer, announced on the 9th that it plans to secure cash liquidity by simultaneously selling commercial real estate and non-core subsidiaries. Through this sale, it aims to reduce its liability ratio to below 100% by the end of the year and strengthen the growth foundation of its core business.
Sonid plans to select a professional real estate asset management company to sell its real estate assets worth hundreds of millions of won. The properties for sale include ▲ Osiris Tower in Sinchon, Seoul ▲ Sambo Richan shopping mall in Yeongtong, Suwon ▲ a building in Unjung-dong, Seongnam. Individual valuations are being conducted for these assets based on location and development potential.
In addition, it is pushing for the sale of subsidiaries to clean up high-uncertainty non-core businesses. The asset management firm Alpen Route Asset Management will be selected as the advisor for the sale, with current discussions ongoing regarding the following targets: ▲ battery recycling division "Sonidritec" ▲ image sensor division "Claire Pixel" ▲ real estate division "Sonid Development". The sale of equity in non-core affiliates such as the chemical research and development (R&D) division "Technium" is also planned.
The cash secured from this asset sale will be used for the early repayment of high-interest borrowing funds to reduce interest expense burdens and improve the overall financial structure. Previously, Sonid had excluded its non-core subsidiary sector from the consolidated financial statements, eliminating an annual operating loss burden of approximately 11.2 billion won.
Moreover, Sonid reduced its consolidated liability ratio from 178.5% at the end of last year to 132.6% at the end of April this year, aiming to achieve below 100% within the year.
A representative from Sonid said, "This large-scale asset sale is a strategic decision to achieve three goals: strengthening liquidity, securing financial soundness, and focusing on the core business," adding, "We will do our best to reduce fixed costs and enhance shareholder value with the secured funds."