Seojin System's Largest Shareholder Jeon Dong-gyu Corrects Pledge Agreement: Slight Reduction in Pledged Shares but Still 80% Pledged, Control Risk Remains
Seojin System's largest shareholder Jeon Dong-gyu corrected the share pledge disclosure on June 2, 2026, reducing the total pledged shares from 10,211,390 to 10,055,832 (a decrease of 155,558 shares) and extending the maturity of some contracts
The correction includes changes to pledges #3 (Hyundai Motor Securities, 400,000 shares) and #5 (Hanwha Investment Securities, 200,000 shares) with extended periods, while other terms remain unchanged
Jeon currently pledges 10,055,832 shares (80.6% of his 12,468,288 shares, or 19.59% total stake). If all pledges are executed, his remaining stake would drop to 2,412,456 shares (3.79%), risking loss of controlling shareholder status
The major pledge (#10) involves 6,391,345 shares to secure new investors (SJ Value-up, Sistema) put option rights, linked to bridge loans from creditors (Shinhan Investment, Hana Securities)
Total collateral value is 178,187,650,889 KRW (approx. 1,781.9 billion KRW) against total borrowings of 122,823,042,407 KRW (approx. 1,228.2 billion KRW), representing a loan-to-collateral ratio of about 145%
[AI Summary]The largest shareholder's excessive pledge ratio (80.6%) poses significant risk of control change if the stock price declines; although the correction slightly reduces pledged shares, the fundamental burden remains, continuing concerns over shareholder value erosion
KOSDAQ Filing Information
Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder