 |
Photo = POSCO FutureM |
[Alpha Biz= Paul Lee] Seoul, South Korea – May 23, 2025 – The Financial Supervisory Service (FSS) has requested POSCO Future M (KRX: 003670) to submit an amended securities registration statement regarding its planned ₩1.1 trillion rights offering, citing insufficient disclosure under Article 122 of the Financial Investment Services and Capital Markets Act.
The FSS stated that the initial filing lacked adequate explanation for the purpose of fund usage and the rationale for selecting a rights offering over other financing methods, especially in comparison with similar filings made by Samsung SDI and Hanwha Aerospace, both of which underwent heightened regulatory scrutiny earlier.
As part of its request, the FSS instructed POSCO Future M to:
Clearly state the total investment amount related to its joint venture projects.
Provide details on any additional funding plans that may be required.
Justify why it opted to invest in a new domestic entity rather than expanding existing facilities.
Present a detailed annual expenditure plan.
Explain why the company is pursuing another capital raise only six months after securing ₩600 billion in December 2024.
Elaborate on why a rights offering was chosen over other funding alternatives.
On May 13, POSCO Future M announced the rights issue, allocating the proceeds as follows:
₩181 billion for capital expenditures,
₩288.4 billion for working capital,
₩630.7 billion for acquiring shares in other entities.
As a result of the FSS’s intervention, the original securities registration statement is currently suspended, and no subscription or public offering processes may proceed until the amended version is submitted. If the amendment is not filed within three months, the registration will be considered withdrawn.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
