Unison’s Largest Shareholder Converts Entire KRW 37.6 Billion CBs to Common Shares... "Strengthening Business Foundation Through Improved Financial Soundness"

The largest shareholder of Unison, a company specializing in wind turbines, will convert the entire KRW 37.6 billion worth of convertible bonds (CB) into common shares. The strategy is to resolve financial burdens such as capital impairment and high debt ratios, thereby strengthening the financial foundation for winning large-scale wind power projects and executing existing business operations.

Unison announced on August 31 that Myungwoon Industrial Development, its largest shareholder, will convert the entire 17th series of convertible bonds worth KRW 37.6 billion it holds into common shares.

The conversion price is KRW 1,160 per share, and as a result, Myungwoon Industrial Development will newly acquire 32,413,793 Unison common shares. With this, the number of shares held by Myungwoon Industrial Development will increase from 23,415,977 to 55,829,770, and its ownership stake will expand from 9.02% to 19.13%.

With this conversion, Unison’s financial structure is also expected to improve significantly. According to the company, as of the first half of 2026, the debt ratio will decrease from the previous 171.33% to 92.07%. This marks the first time the debt ratio has dropped below 100% since 2012.

The capital impairment issue will also be resolved. The capital impairment ratio is expected to fall from the previous 19.05% to -1.66%. By emerging from a state of capital impairment, Unison can mitigate financial risks and secure the financial capacity to participate in new wind power projects.

The controlling power of the largest shareholder will also be strengthened. As of August 18, a related party, Samhae ENC, holds 8,558,804 shares of Unison common stock. When combining the stakes of Myungwoon Industrial Development and Samhae ENC, their total ownership will rise from 12.32% to 22.06% following the conversion.

Key partner Viglim Power Korea also holds 6,101,730 shares and plans to further increase its stake through additional market purchases in the future.

Unison plans to accelerate the expansion of its wind power business based on the improved financial structure. The company is currently simultaneously pursuing offshore wind power projects such as Gochang Offshore Wind Power and Hanbit Offshore Wind Power, and onshore projects such as Yeongam Samho Wind Power and Yukbaeksan Wind Power.

Previously, Unison formed a joint supply partnership with POSCO E&C and signed a contract to supply wind turbines for the Gochang Offshore Wind Power project. The total project size is 76.2 megawatts, and Unison’s contract amount is KRW 99.287 billion, equivalent to approximately 246% of last year’s sales.

For the Hanbit Offshore Wind Power project, Unison plans to supply twenty-five 13.6-megawatt wind turbines for a 340-megawatt-scale project. Onshore, the company is pushing forward with the 36-megawatt Yeongam Samho Wind Power and the self-developed 30.8-megawatt Yukbaeksan Wind Power projects.

The business scope is also expanding from supplying turbines to the development and operation & maintenance (O&M) of wind farms. Unison recently purchased a crew transfer vessel (CTV) for offshore wind projects and plans to deploy it within offshore wind farms in the future.

The aim is to combine Myungwoon Industrial Development’s wind project development capabilities, Unison’s turbine manufacturing technology, and Viglim Power Korea’s global network to enhance overall competitiveness, from securing wind power projects at home and abroad to supplying turbines and providing maintenance.

An Unison official stated, “This conversion is a decision that further closely aligns the interests of the largest shareholder and Unison toward the single direction of long-term growth. Through the improvement of our financial structure, we will support the stable execution of newly won projects and existing business operations.”

The official added, “We aim to channel the synergy among the three companies into tangible business outcomes and the enhancement of long-term corporate value.”

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