 |
| 카카오게임즈 (사진=카카오게임즈) |
[Alpha Biz=(Chicago) Reporter Paul Lee] A large number of investors in Kakao Games' convertible bonds (CB) have demanded repayment of principal.
According to the financial investment industry on the 7th, Kakao Games received an early repayment claim (put option) for CB 5000 billion won issued at the end of March 2021, and the put option ratio reached 74.17%. As a result, Kakao Games will have to return 370.85425 billion won in cash to investors at the end of this month.
As of the end of September 2023, Kakao Games had cashable assets (including short-term financial products) of 330 billion won. It is not enough to repay the CB in cash.
The expiration date of the CB in question is March 31, 2026, with two years left until maturity. Nevertheless, investors' attempt to recover the principal early is largely due to sluggish stock prices. The conversion price of Kakao Games CB is 52,100 won, but the current stock price is moving at 23,000 won.
Analysts say that it is hard to expect a rise in stock prices right away as poor performance continues. Kakao Games recorded operating profit of 74.5 billion won last year, down 58% from a year earlier. Net loss continues to be KRW 329.5 billion.
Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)
