This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:30 p.m. on Aug. 27, 2026.
The sale of management control of KOSPI-listed Enex(011090) is being disrupted as the acquirer struggles to raise funds. As the sale process fails to proceed smoothly, Enex is even facing the possibility of being designated for administrative issues. Considerable turbulence is expected through the end of the year, when the merger and acquisition (M&A) closing has been postponed.
According to the capital market industry on the 27th, Enex Mirae Growth Partnership is reportedly facing difficulties securing acquisition funds for its bid to take over management control of Enex.
On the 30th of last month, Enex said it would sell all the equity held by Chief Executive Park Jin-gyu, the existing largest shareholder, and affiliated parties to Enex Mirae Growth Partnership. The sale price is 11.483 billion won, and once the transaction is completed, Enex Mirae Growth Partnership will secure 28.48% equity in Enex to become the new largest shareholder. Along with the purchase of existing shares, the structure includes a third-party allotment capital increase of 5 billion won to acquire new shares. Enex Mirae Growth Partnership, the acquirer, is led by Han Il-ju of Mosaic Holdings, which was the largest shareholder of Kangwon Energy in 2019.
Enex Mirae Growth Partnership plans to raise most of the acquisition funds externally. The entire 1 billion won deposit was arranged through borrowing, and most of the remaining balance was to be covered by capital contributions from new partners.
However, the industry expects the sale of Enex's management control will not be easy. The reason is that Enex Mirae Growth Partnership is having difficulty raising funds.
The funding struggle is also evident in a correction filing. Enex Mirae Growth Partnership had initially planned to complete payment of the remaining balance on Sept. 4 and finalize the acquisition of management control, but the payment date for the balance has been pushed back to Dec. 30 this year.
An investor who was to participate in the third-party allotment capital increase during the acquisition process also dropped out. Enex had planned a 5 billion won capital increase along with the sale of existing shares by the largest shareholder. Queenber Mezzanine No. 1 Investment Partnership, the initial investor, was scheduled to pay the capital increase on the 13th, but payment was postponed once to the 14th of next month. Subsequently, the payer for the capital increase changed from Queenber Mezzanine No. 1 Investment Partnership to Enex Mirae Growth Partnership, and the payment date was moved up to the 3rd of next month.
Given the financial condition of Enex Mirae Growth Partnership, the prevailing view is that it intends to find another investor rather than paying the capital increase itself.
An investment banking (IB) industry official said, "Enex Mirae Growth Partnership had been looking for an investor to pay for the capital increase until recently," and added, "If a new investor is not found until the last minute, Enex Mirae Growth Partnership may pay directly."
With the capital increase not proceeding on time, a red light has come on for Enex's market cap management. As of the 24th, Enex became a stock at risk of being designated for administrative issues due to falling short of the market cap requirement. Over 25 trading days, it failed to exceed 30 billion won, the market cap threshold for maintaining a KOSPI listing.
If the market cap does not exceed 30 billion won by the 31st, it will be designated as an administrative issue, and if existing shares are sold while under that status, it becomes subject to a substantive review of listing eligibility. Given that Enex's market cap stood at 27.3 billion won as of the 27th, avoiding designation appears difficult.
An industry official said, "The intention to close the transaction by the end of the year appears to take into account the possibility of designation as an administrative issue," and added, "Along with the difficulties in raising acquisition funds, this will be the biggest variable in the sale of Enex."