This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:36 p.m. on May 4, 2026.
JKL Investment, an affiliate of JKL Partners, fully recouped its investment in Sama Aluminium, securing more than double the principal. The surge came as buying concentrated in related stocks amid aluminum supply chain instability, compounded by expectations for growth in aluminum foil for secondary batteries' cathode foil.
According to the investment banking (IB) industry on the 4th, JKL Investment recently disposed of its remaining equity in Sama Aluminium and completed its investment recovery. The total amount recovered was about 70 billion won.
In Jan. 2023, JKL Invest participated in Sama Aluminium's third-party paid-in capital increase and in the purchase of convertible bonds (CB), investing a total of 32.1 billion won. Through the "JKL ESG Future Mobility Value Chain Private Equity Fund," it acquired 711,916 common shares of Sama Aluminium for about 22.1 billion won (31,050 won per share) and also bought 10 billion won worth of CBs.
JKL Investment generated revenue by first selling common shares after the lockup was lifted. From Feb. to Jun. 2024, it sold 251,257 shares on the open market. The sale prices were set between 82,000 won and the 110,000-won range.
However, Sama Aluminium's share price steadily declined until early this year. That was because expectations for the cathode foil market faded as the electric vehicle and secondary battery cycle deteriorated. As recently as 2023, the stock was flirting with 160,000 won, but last year it even fell to the 20,000-won level.
Accordingly, the conversion price of the CBs held by JKL Investment was sharply lowered from 34,712 won to 24,299 won, and the number of shares it could secure increased from 288,084 to 411,539. In the end, this turned into a positive. From Aug. last year, when the conversion price adjustment took effect, the stock began to rebound gradually. As investor sentiment toward secondary battery material stocks—dampened by slowing EV demand—partially recovered, demand also flowed into Sama Aluminium, which is categorized as a cathode foil producer. In addition, this year, concerns about aluminum supply chain disruptions due to U.S. tariff policy and instability in the Middle East became a tailwind.
Sama Aluminium's share price is currently fluctuating between 67,000 won and 68,000 won. Early this year, JKL Investment converted its CBs into 411,539 common shares and sold them all on the open market, completing an exit (investment recovery) in about three years. The recovery amount totaled 70 billion won, and the internal rate of return (IRR) is estimated at about 40%.
The Sama Aluminium investment is one of the initial investments of JKL Investment's future mobility value chain fund. The fund targets secondary batteries, electric vehicles, and mobility parts and materials companies as its main investment universe.
Sama Aluminium is a producer of aluminum foil used as cathode foil for secondary batteries. When JKL Investment invested, it was a time when the importance of securing a supply chain for battery materials was growing due to expansion competition among Korea's three battery makers and the implementation of the U.S. Inflation Reduction Act (IRA).
Indeed, LG Energy Solution and Toyota Tsusho also invested in Sama Aluminium alongside JKL Investment, drawing attention. The two, as strategic investors (SI), invested 46.6 billion won each and still maintain equity ties. With core customers and investors linked to the global finished car value chain coming in together, the market's assessment of Sama Aluminium changed.
JKL Investment is a credit and growth investment firm within the JKL Partners group led by Chief Executive Chae Dae-kwang. In Mar., it changed its name from the former JKL Credit Investment. The intent was not to limit its investment field to credit. JKL Investment has particularly focused on the secondary battery and EV value chain and mobility. Electric vehicle parts maker DSEV, smart factory solutions company Tira Yutec, and EV charging business Plug Link are representative portfolio companies.