▲ Samsung Biologics
The labor union of Samsung Biologics has put the brakes on the company's plan for a paid-in capital increase.
The union argues that the schedule for the paid-in capital increase should be suspended, citing growing business uncertainties caused by labor disputes, including a three-week strike scheduled for October 26.
Park Jae-sung, head of the Samsung Biologics labor union, stated today (Oct. 7), "As both the union leader and the head of the employee stock ownership association, I have requested the Korea Exchange and the Financial Supervisory Service to suspend and re-examine the subscription schedule for the paid-in capital increase."
Park explained, "We judged that proceeding with a paid-in capital increase while risks from labor disputes are not fully explained and uncertainties remain high does not align with the original purpose of the employee stock ownership association, which is 'asset formation for workers.'"
He added, "This request is intended to protect the purpose of the employee stock ownership association and secure time for general investors to fully recognize and evaluate the related risks. We have requested the suspension and re-examination of the subscription schedule so that the paid-in capital increase can proceed without greater damage once uncertainties are resolved."
Previously, Samsung Biologics decided on a paid-in capital increase through a rights offering with public offerings for unsubscribed shares to raise approximately 3 trillion won for the acquisition of Polypeptide Group.
According to the schedule, account transfers and over-the-counter trading of preemptive rights certificates will become available starting October 19, with on-exchange trading scheduled for October 26 to 30.
In an official letter sent to financial authorities, the union pointed out that the start date of the second strike coincides with the start date of on-exchange trading.
The union stated, "Merely supplementing explanations afterward makes it difficult to reverse the judgments of investors who have already acquired or disposed of their rights. Securing time to check the latest business risks and funding plans, as well as necessary corrections and changes, must be reviewed alongside the subscription schedule."
Along with this, the union requested that financial authorities examine a discrepancy of 335.9 billion won found between the total investment amount and the total funding sources in the financial plan for the company's Plant 6.
(Photo: Yonhap News)
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