STX Decides on 80 Billion Won Capital Increase... Investment in Secondary Battery Material Supply Chain

STX has decided to conduct a paid-in capital increase worth 80 billion KRW to expand its secondary battery supply chain and B2B business.

On the morning of the 19th, STX held a board meeting at its headquarters in Jung-gu, Seoul, and deliberated and approved the agenda regarding this matter, the company announced on the 20th.

The paid-in capital increase will be conducted through a rights offering to existing shareholders followed by a general public subscription for any unsubscribed shares. The newly issued shares will consist of 7.36 million common shares, and the final issue price will be announced on December 6. The new shares are scheduled to be listed on January 5 of next year after subscription by existing shareholders and the general public for unsubscribed shares. Major shareholder APC Mercury plans to participate in this capital increase with more than 10 billion KRW.

STX plans to use the secured funds as purchasing capital to expand the supply chain of secondary battery materials such as nickel, lithium, and graphite. In August, STX completed the establishment of a corporation in Indonesia, which has the world's largest nickel reserves, and recently applied for related permits. Starting from January 2024, when the license issuance is expected, STX plans to commence nickel sales and transportation business locally.

Additionally, next month, STX will invest funds to expand the wood pellet logistics base for the global B2B platform Trolligo.

An STX official stated, "As a specialized company in secondary battery materials, we will expand and strengthen the supply chain focusing on Southeast Asia, South America, and Africa," adding, "We will proactively lead the paradigm shift in trade transactions through Trolligo."

This content was produced with the assistance of AI translation services.