SKC expands Absolics stake to 82% and supports SK Nexilis financing

SKC is expanding its investment in its semiconductor glass substrate subsidiary, Absolics. The company has increased its total investment amount to approximately 373.1 billion won after subscribing to additional shares that were not taken up by Applied Materials. Following this capital increase, SKC's stake in Absolics will rise from 70.05% to 82.37%. SKC plans to utilize funds from its recent 1.16 trillion won capital increase to invest approximately 590 billion won into the glass substrate business over the next three years to secure competitiveness in the AI semiconductor packaging market.

Separately, SKC's copper foil subsidiary, SK Nexilis, is proceeding with an 850 billion won financing plan through the issuance of hybrid securities. While SKC is not immediately providing the cash, it has entered into a capital supplement agreement for the special purpose vehicles (SPCs) involved in the transaction. This agreement, valued at approximately 26.5% of SKC's equity, allows SKC the option to provide funds if a shortage occurs. This move comes as SKC works to improve its financial structure and SK Nexilis seeks to recover profitability amid growing sales in the North American ESS and electric vehicle markets.