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Unison recently announced that its largest shareholder, Myungwoon Industrial Development, will convert all of its 37.6 billion won worth of the 17th convertible bonds (CB) into common shares. As a result of this conversion, Myungwoon Industrial Development will acquire 32,413,793 common shares of Unison, increasing its total shareholding from 23,415,977 to 55,829,770 shares. Consequently, Myungwoon Industrial Development's ownership stake is expected to rise from 9.02% to 19.13%.
Unison expects that this conversion will enhance its equity capital and improve its financial structure. The capital impairment ratio is projected to decrease from 19.05% to 1.66%, and the debt ratio is anticipated to drop from 171.33% to 92.07% by the first half of 2026. This will mark the first time since 2012 that the debt ratio falls below 100%.
Additionally, Myungwoon Industrial Development's stake, combined with that of its related party Samhae E&C, is expected to increase to 22.06%. Unison is pursuing offshore wind projects in Gochang and Hanbit, as well as the Yeongam Samho and Yukbaeksan wind power projects, and plans to expand its offshore wind maintenance (O&M) business. A Unison representative stated that they aim to strengthen their capacity for securing new projects and ensuring stable execution of existing businesses based on improved financial structure.