Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

7 EB Issues in Korea in June 2025 - More Coming Until Govt Revises Treasury Shares Regulations

LG Chem: To Issue Exchangeable Bond Worth US$1 Billion

Top 100 Korean Firms with Highest Treasury Shares as % of Market Cap (Tender Offer and M&A Targets)

A Win for Truston Asset Mgmt: Corporate Activism Worked on Taekwang Industrial

Telcoware: Tender Offer To Take the Company Private

Douglas Research Advisory

Event-Driven

<ul>
<li>After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.</li>
<li>Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly. </li>
<li>Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.</li>
</ul>


After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly. 
Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.


Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]