Doosan raised 550 billion won through a collateral loan of Doosan Robotics shares. Doosan stated that this is a normal funding measure, but attention is focused on how the funds will be used. Some speculate it could be used for mergers and acquisitions (M&A), repayment of borrowing funds, or expansion of production capacity.
According to the Financial Supervisory Service's electronic disclosure system on July 1, Doosan borrowed 550 billion won from Korea Investment & Securities using 14.6 million shares of Doosan Robotics as collateral on June 27. Considering the total number of shares held by Doosan in Doosan Robotics (44,177,110 shares, 68.15% equity), the collateral ratio tied to bank loans is 33.0%.
The new loan has a maturity of one year and an interest rate of 4.9%. The annual interest expense based on the loan amount is estimated at 27 billion won. The collateral maintenance ratio is 140%. This means there must be more than 770 billion won worth of shares as collateral in the account. The value of the collateral equity for Doosan, based on the contract signing date (closing price of 66,100 won on June 27), is 965.1 billion won. If the value of the collateral equity falls below 770 billion won due to a drop in Doosan Robotics' stock price, additional collateral will need to be secured.
Market participants are paying attention to how Doosan will use the funds raised. There is potential for it to be utilized not only for repaying borrowing funds or expanding production capacity but also as financial resources for M&A. Recently, Doosan Group has been actively identifying M&A market targets through major consulting firms. Deals that could have similar effects to the previously stalled business restructuring efforts are key targets.
Doosan, a business-holding company of Doosan Group, operates its own electronic business group (BG) sector, with plans to increase production capacity (capability · CAPA) for copper-clad laminate (CCL). The CCL produced and supplied by the electronic BG is a key material for printed circuit boards (PCBs) and is used in advanced devices such as semiconductors, smartphones, and telecommunications equipment. In the first quarter of this year, the electronic BG's sales reached 402.9 billion won, marking the highest on record.
This is the first time Doosan has raised a mortgage using Doosan Robotics shares, which was listed in October 2023. Currently, Doosan is the largest shareholder, holding 68.15% equity in Doosan Robotics. A Doosan Group official noted, "This is a standard measure for securing funds," adding that "no specific purpose has been designated for it."