Enchem's largest shareholder, the Wyatt Group, has announced a revision to its stock collateral agreement

Wireate Group Co., Ltd., the largest shareholder of Enchem (KOSDAQ, 348370), amended its disclosure filed on April 8, which announced the "signing of a stock collateral agreement involving a change in the largest shareholder," on August 11, 2026. The reason for the amendment is the "modification of the collateral agreement," and several key figures have been changed. Regarding the changes in the number of shares held and the amount of debt, Wireate Group's holdings in Enchem decreased from 1,423,557 shares (6.50%) to 1,129,774 shares (5.16%), a decrease of approximately 293,783 shares. The total amount of debt (borrowed funds) decreased from approximately 43.784 billion won to approximately 24.496 billion won, and the total amount of collateral decreased from approximately 80.76 billion won to approximately 24.64 billion won. A closer look at the individual collateral agreements reveals that there are two. The first agreement involves a common stock collateral for working capital, with Meritz Securities as the creditor. As of April, it consisted of 500,000 shares with a collateral amount of approximately 30.7 billion won, which has been significantly reduced to 106,217 shares with a collateral amount of approximately 3.1 billion won. The collateral period is from February 10, 2026, to February 5, 2027, and the collateral rights may be exercised if the collateral maintenance ratio falls below 200%. The second agreement involves a collateral related to the issuance of CBs, with Oasis 2 Private Equity Fund as the creditor, consisting of 1,023,557 shares with a collateral amount of approximately 21.5 billion won, and the contract termination date is September 19, 2026. The collateral rights will be exercised in the event of maturity or loss of interest. The financial status of Wireate Group, the debtor, has also been updated. As of 2025, the total assets were 90.5 billion won, the total liabilities were 39.3 billion won, the total equity was 51.2 billion won, and the net income for the year was 5.5 billion won. It is noteworthy that the size of assets and equity has significantly decreased compared to 2024. The disclosure states that if all or part of the collateral rights are subject to a forced sale or if ownership is transferred, the largest shareholder of Enchem may change. In particular, the expiration date of the second agreement is approaching on September 19, 2026, and whether the loan is repaid or extended by that date will directly affect the corporate governance structure. Investors need to continuously monitor the possibility of changes in the largest shareholder's stake.