The revised offering, approved by the company's board on Friday, comes just eight days after the Financial Supervisory Service ordered Hanwha Solutions to refile its securities registration, citing missing or unclear disclosures that could impair investor judgment.
Under the amended plan disclosed through regulatory filing, funds earmarked for debt repayment will shrink to 907 billion won from 1.49 trillion won, while the roughly 908 billion won set aside for capital investment remains untouched.
The issue size has been cut to 56 million new shares from 72 million, with the subscription price lowered to 32,400 won per share from 33,300 won. The allotment ratio for existing shareholders correspondingly drops to 0.2604 new shares per held share from 0.3348. The record date is May 14.
The company has previously defended the move as a necessary measure against a credit-rating downgrade amid a prolonged downturn in the global solar and petrochemical sectors.
"We sincerely reflect on and apologize for failing to adequately communicate the scale and rationale of the rights offering with shareholders and the market in its early stages," said Nam Jung-woon, head of the chemical division.
The company said it will raise the remaining 600 billion won shortfall through asset monetization and capital-like financing, and pledged to refrain from additional equity offerings through 2030 while maintaining its shareholder return policy.
Copyright ⓒ Aju Press All rights reserved.
