SM Line lends shares to Woobang, maintaining group ownership at 48.81%, no change in control

Major shareholder SM Line lent a total of 69 million shares (21.38% stake) to affiliate Woobang for collateral purposes, reducing its direct stake from 49.04% to 23.58%
Woobang borrowed 58 million shares (May) and 11 million shares (September), increasing its stake to 21.38%
The combined stake of the group (SM Line, Woobang, SM Hiplus) stands at 48.81%, down 0.23%p from the previous report (no share buybacks occurred)
The transaction is a stock lending arrangement, not a sale; economic rights (including voting rights) remain with the lender (SM Line)
[AI Comprehensive Analysis]While the reduction in the major shareholder's direct stake may be misinterpreted as a weakening of control, the lending among affiliates leaves group control unchanged, limiting short-term stock price impact. However, risks could arise if the borrowed shares are used beyond collateral purposes.