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SKC headqurters./ SKC

SKC's rights offering of approximately 1.16 trillion won recorded oversubscription from both existing shareholders and its employee stock ownership association, a result evaluated as securing powerful momentum for future growth.

According to SKC on May 18, the subscription rate for existing shareholders reached 113.01%, while the employee stock ownership association recorded 131.4%, with both comfortably exceeding the 100% target.

The company attributed the success of the rights offering to market expectations regarding earnings improvement and its business restructuring focused on semiconductors. In particular, a turnaround to positive EBITDA for the first time in ten quarters and the accelerated commercialization of its glass substrate business are seen as having a positive impact on investor sentiment.

SKC plans to utilize the capital raised from the rights offering to secure future growth engines and strengthen fiscal stability. Specifically, it will inject 589.6 billion won into Absolics, its investment subsidiary for the semiconductor glass substrate business, to speed up operations. Another 577.5 billion won will be used to pay down debt to improve key financial metrics, drastically lowering its debt-to-equity ratio from around 230% at the end of last year to approximately 129%.

An SKC official said, "This result confirms the market's strong trust in SKC's fundamental shift in business structure and the potential of our next-generation core businesses, including glass substrates. We will deploy the secured funds in the right places to dominate the global glass substrate market, while doing our utmost to enhance shareholder value based on unwavering financial stability."