Full Pledge of Largest Shareholder's Stake, Risk Persists Despite Partial Debt Repayment
Disclosure correction: On April 29, 2026, a corrected filing regarding a stock pledge contract involving a change in the largest shareholder was submitted. The debt amount decreased from KRW 180 billion to KRW 168.69 billion due to partial repayment.
The largest shareholder, SAMPYO Industrial, pledged all its 59,008,784 shares (54.68% stake) in SAMPYO Cement. The collateral amount is KRW 216 billion.
Creditors include Korea Development Bank and nine other financial institutions. Pledge enforcement triggers upon default. Pledge period: December 19, 2025 to December 19, 2030.
Related party SP Nature also provided additional collateral: 5,124,821 shares and 4,202,332 shares acquired via merger, increasing total pledged shares.
Debtor SAMPYO Industrial's financial status: As of Q3 2025, total assets KRW 1.24 trillion, liabilities KRW 0.71 trillion, equity KRW 0.52 trillion, net loss KRW 23.95 billion. Deteriorating finances.
If the pledge is fully enforced, the largest shareholder's stake would drop to 0%, inevitably leading to a change in control. Expected negative impact on stock price.
KOSDAQ Filing Information
Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder