HYUNDAI ELEVATOR Injects 56.3B Won Into Turkish Subsidiary, Concerns Over Negative Equity
HYUNDAI ELEVATOR completed the acquisition of 1,324,710,000 shares in its Turkish subsidiary HYUNDAI ELEVATOR ASANSOR VE SERVIS through a capital increase, paying 56.297 billion KRW
The acquisition amount represents 4.10% of the parent's equity (1.37 trillion KRW), intended for the subsidiary's operating funds and debt repayment, maintaining 100% ownership
The Turkish subsidiary has negative equity of -39.3 billion KRW as of end-2023, with a net loss of 9.48 billion KRW, indicating deteriorating financial health
The investment was made in cash, equivalent to USD 41 million converted at the board resolution date exchange rate (1 USD = 1,373.10 KRW)
[AI Summary]HYUNDAI ELEVATOR's additional capital injection of 56.3 billion KRW into its fully capital-deficient Turkish subsidiary is an inevitable step for normalization, but without improvement in recurring losses, the risk of further capital calls remains, warranting investor attention
KOSPI Filing Information
Filing: [Correction of Description] Decision on Acquisition of Stocks and Equity Securities of Other Corporations