Hanyang Securities logo [Provided by Hanyang Securities]
Hanyang Securities logo [Provided by Hanyang Securities]

Kospi-listed Hanyang Securities announced Thursday through a regulatory filing that it has approved a third-party allotment rights offering worth 50 billion won ($32.5 million) to fund new business ventures, including over-the-counter derivatives operations.

The offering targets KCGI No. 2 Private Equity Fund (KCGI PEF), the company's largest shareholder. KCGI PEF will subscribe to 2,380,952 common shares at 21,000 won per share — a 12.9 percent premium over the reference price of 18,605 won. The newly issued shares will be subject to a one-year lock-up from the date of deposit.

Hanyang Securities said it chose a premium issuance to minimize dilution of existing shareholders' equity and to demonstrate the controlling shareholder's commitment to responsible management.

The company described the capital raise as reflecting "an investment intention to strengthen capital and financial soundness in line with entry into new businesses," adding that it had considered KCGI PEF's "stable payment capacity backed by sufficient financial resources."

Hanyang Securities also said it would maintain its existing shareholder return policy, announced through a value-up disclosure on March 26, which calls for sustaining a dividend payout ratio of at least 30 percent, with a minimum dividend of 1,600 won per common share.

"We will use this capital increase as an opportunity to strengthen our competitiveness in new businesses and aim to become a strong mid-sized securities firm, targeting equity capital of 1 trillion won by 2030," a Hanyang Securities official said.


siuu@heraldcorp.com