Irem Completes Capital Increase of 4.7 Billion Won... "Funds to Be Used for Ukraine Reconstruction Projects"

Irem has completed the payment for a capital increase worth 4.7 billion won, securing funds and taking steps toward management stabilization.

On March 9, Irem announced that it had completed the payment for a third-party-allotted capital increase, targeting S&T No.1 Investment Association, its largest shareholder, and others. Since the beginning of this year, Irem has raised approximately 5.7 billion won in total, including a 1 billion won small-scale capital increase last month and this latest capital increase.

The funds raised this time amount to a total of 4,730,690,000 won. Of this, 2,399,990,000 won will be used for the company’s existing steel pipe and deck businesses, which are related to reconstruction projects planned after the end of the war in Ukraine. The remaining 2,330,690,000 won will be used to secure raw materials, as the funds will be offset against payments for raw material purchases.

Irem explained that, through this capital increase, the largest shareholder’s equity base has been strengthened, further enhancing management stability. The company also noted that it has secured the liquidity necessary for operations, thereby establishing a financial foundation for future business initiatives.

A representative from Irem stated, "With the largest shareholder’s management rights further stabilized and liquidity secured, we will do our utmost to normalize management. Based on the secured funds, we will steadily pursue our key businesses and continue our efforts to stabilize management and enhance corporate value."

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