[Alpha Biz= Paul Lee] SEOUL, June 12 — Hana Securities has sold its remaining 2 million shares in Seojin System through a block deal, effectively exiting its exposure tied to a bridge loan structure, according to investment banking sources.

The shares, previously held via a special purpose vehicle, were initially expected to be transferred into a fund jointly managed by Shinhan Investment Corp., Hana Securities, and SKS Private Equity. However, the entire stake was instead sold directly in the market, reportedly taken up by foreign investors.

The transaction signals Hana Securities’ move to reduce its financial exposure to Seojin System, where it had participated as a funding partner in a bridge loan arrangement with the company’s largest shareholder.

Following the exit, a planned 300 billion won perpetual bond issuance by Seojin System is expected to proceed under the sole management of Shinhan Investment.

Separately, Seojin System is facing allegations that it failed to disclose a tax risk exceeding 100 billion won at its key Vietnamese subsidiary. Local authorities reportedly notified the unit of tax liabilities amounting to approximately 118.9 billion won in February.

South Korea’s Financial Supervisory Service is currently reviewing the case for potential disclosure violations and unfair trading practices.

 

 

 

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