DND Partners acquires 1,000 shares of Daelim Trading in open market, maintaining 65.61% stake, but high pledge ratio of 57.29% signals financial risk
On June 17, 2026, DND Partners acquired an additional 1,000 common shares of Daelim Trading at 1,937 KRW per share through open market purchase, using its own funds of approximately 1,946,660 KRW.
Following this purchase, total shares held by DND Partners and its special relations amount to 9,991,093 shares, maintaining a 65.61% stake relative to total outstanding shares of 15,225,000, with no change in ownership ratio from the previous report.
However, 8,722,500 shares or approximately 57.29% of the combined holdings are pledged as collateral to banks including Woori, Shinhan, NH Nonghyup, KEB Hana, and IBK. This high pledge ratio indicates significant financial leverage of the largest shareholder.
DND Partners' total assets stand at approximately 26.03 billion KRW but equity capital is only 494 million KRW, resulting in an extremely high debt ratio. While the pledged loans are automatically renewable, any change in interest rates or breach of collateral maintenance ratios could trigger additional risks.
This filing is for purposes of influencing management, and as the largest shareholder and affiliate, DND Partners plans to consult with Daelim Trading's management on important business decisions. The small open market purchase can be interpreted as a gesture of commitment to control.
[AI Summary]DND Partners' minor stake increase signals intent to maintain control, but the 57.29% pledge ratio and extremely thin equity base highlight financial fragility. Investors should monitor changes in the largest shareholder's collateral position and financial health.