The Financial Supervisory Service (FSS) has put the brakes on Hyundai Motor Securities’ plan for a capital increase of 200 billion won.
According to the financial investment industry, the FSS requested Hyundai Motor Securities to submit a revised securities report yesterday (12th) regarding the rights issue filing submitted on the 27th of last month.
An official from the FSS stated, “The overall schedule related to the issuance of securities, such as the subscription date, may change, so please consider this when making investment decisions.”
The FSS can request a revised report if the submitted securities filing does not meet the proper format, contains false entries, has omissions, or has unclear indications of important matters.
As a result, the effectiveness of the securities report submitted by Hyundai Motor Securities on the 27th of last month is suspended, and if a revised report is not submitted within three months, it is considered withdrawn.
Previously, on the 26th of last month, Hyundai Motor Securities announced that it would proceed with a rights issue, followed by a public offering of any unsubscribed shares, to raise approximately 200 billion won for facility funds.
A total of 30,124,082 new shares, accounting for 94.9% of the total issued shares, will be issued through the rights offering.
Concerns were raised in the market that shareholder value could be diluted due to the rights issue approaching the market capitalization, and Hyundai Motor Securities’ stock price fell by 13.07% on the 27th of last month, the day the rights issue was announced.
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