On August 11, SKC (KRX: 011790) announced the issuance of KRW 125 billion (approx. USD 92 million or CNY 646 million) in perpetual exchangeable bonds backed by treasury shares, aiming to fund new business initiatives including its glass substrate project.

The bonds, exchangeable into 1,089,666 shares—equivalent to 2.88% of SKC's total outstanding stock—are priced at KRW 114,714 per share, about 15% above the day's closing price of KRW 99,600. The bonds carry a 0% coupon and a 30-year maturity.

Underwriters include NH Investment & Securities (KRW 65 billion), NV Mezzanine Growth Equity Private Investment Partnership (KRW 50 billion), and Shin Young Securities (KRW 10 billion). NV Mezzanine Growth Equity is jointly managed by Dominus Investment and Dominus Equity Partners.

An SKC spokesperson stated the proceeds will be directed toward long-term growth strategies, particularly advancing the company's glass substrate business and other new ventures.

This follows a similar move in June, when SKC issued KRW 260 billion in perpetual exchangeable bonds to secure funding for strategic investments, with Korea Investment Private Equity and Helios Private Equity as subscribers.