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Photo = POSCO FutureM |
[Alpha Biz= Kim Jisun] POSCO Future M announced on May 13 that it has decided to raise approximately KRW 1.1 trillion (approx. USD 810 million) through a rights offering.
A total of 11,483,000 new common shares will be issued at KRW 95,800 per share.
According to the company, the proceeds will be used for various purposes: KRW 181 billion for facility investment, KRW 288.4 billion for working capital, and KRW 630.7 billion for acquiring securities of other companies.
On the same day, POSCO Holdings convened a board meeting and approved capital contributions totaling KRW 922.6 billion to three of its secondary battery material affiliates: POSCO Future M (KRW 525.6 billion), POSCO Pilbara Lithium Solution (KRW 328 billion), and POSCO GS Eco Materials (KRW 69 billion).
POSCO Holdings stated that the capital injections are part of its strategy to strengthen competitiveness in the secondary battery sector and prepare for future growth beyond the current EV market expansion cycle.
In line with its 59.7% ownership in POSCO Future M, POSCO Holdings will contribute KRW 525.6 billion in the rights offering.
Following the announcement, POSCO Future M’s shares declined sharply in after-hours trading. As of 5:20 p.m. KST, the stock was down 8.44% (KRW 10,400) from its regular session closing price, trading at KRW 112,800.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
