Gaon Cable has seen its stock price surge by 11% in early trading following the announcement of its entry into the Canadian power market. This expansion into North America is expected to lead to additional orders as the company broadens its public power infrastructure.
As of 9:53 a.m. on September 9, Gaon Cable's shares were trading at 254,000 won, up 26,500 won (11.65%) from the previous trading day, according to the Korea Exchange.
The company recently announced that it has supplied medium voltage (MV) cables to a major public power company in Western Canada. This marks Gaon Cable's first export to Canada.
Previously, Gaon Cable had focused on expanding its business in North America primarily through private industrial facilities, including AI data centers, semiconductor plants, and power generation facilities. With this supply to Canada, the company has now extended its operations into the public power network sector.
Notably, the overseas public power market has high entry barriers, making it crucial to secure stable supply records. This export could lead to further orders in the future. In Canada, modernization and expansion of transmission and distribution networks are underway to meet the rising power demand driven by the growth of AI data centers and advanced manufacturing.
Gaon Cable stated, "With our entry into the Canadian market, we plan to further expand our North American power infrastructure business. We will leverage the supply chain between our headquarters and our production facility in North Carolina to continue the growth of our North American operations." The company also projected that its North American revenue will increase from approximately $300 million last year to about $470 million this year, marking an increase of over 50%.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.