Seoul Court Holds Hearing on Hanyang Securities' 500 Billion Won Third-Party Share Placement on July 7

According to Yonhapinfomax, a Seoul court held a hearing today (July 7) on an injunction filed by minority shareholders against Hanyang Securities' planned third-party capital increase. KCGI, a private equity fund that acquired control of the brokerage last year, approved the issuance of approximately 2.39 million shares at 21,000 won per share on July 8, representing a 12.9% premium to the reference price. The court indicated a decision would be made by tomorrow (July 8) due to the imminent funding deadline.

Minority shareholders argue the placement violates corporate law provisions requiring "business purposes" for third-party share issuance and breaches director fiduciary duties, noting the share price significantly undercuts the 58,500 won per share paid one year ago. The company counters that capital reinforcement is necessary to maintain required capital ratios for offshore derivatives authorization by September.