ITCEN PNS said on the 12th that ITCEN CTS, whose largest shareholder is ITCEN PNS, applied to convert 10 billion won in convertible bonds (CB) into shares to strengthen management control and fully resolve the overhang issue in the market.
With this exercise of conversion rights, ITCEN CTS acquired a total of 4,826,254 shares, and as a result, the largest shareholder's equity stake is expected to jump from 24.41% to 46.47%. The new shares are scheduled to be listed on Dec. 5.
In particular, this CB conversion is receiving positive reviews for resolving the overhang issue, the potential supply overhang in the market, thereby improving management stability and shareholder confidence. ITCEN CTS plans to pursue the company's mid- to long-term growth strategy based on a stable governance structure as the largest shareholder.
Han Sang-uk, CEO of ITCEN PNS, said, "With the largest shareholder's CB conversion, market uncertainty has been resolved and a foundation has been laid to enhance shareholder value," and noted, "We will focus on strengthening the core competitiveness of our security business in a stable management environment."
Meanwhile, ITCEN PNS is expanding strategic cooperation with global security corporations and strengthening its next-generation converged security capabilities. It is also accelerating efforts to secure future growth drivers by promoting a next-generation security demonstration project using post-quantum cryptography (PQC) technology to advance security in finance.