South Korea battery materials maker POSCO Future M to raise $775 mn via share issue
South Korean chemical and battery material maker,
POSCO Future M
, said on Tuesday it would issue new shares to raise around 1.1 trillion won ($775 million) to fund its expansion at home and abroad, including its joint venture factory with General Motors in Canada.
Under the plan, the company said it will push ahead with investments in future growth despite "political risks" in Korea and the United States, saying U.S. tariffs and potential cuts in federal electric vehicle subsidies under the Trump administration threatened to slow down EV demand.
POSCO Future M will spend 353 billion won on helping finance its cathode manufacturing factory with General Motors in Canada, which has been pushed back to 2026 amid cooling EV demand.
Its parent POSCO Holdings said in a statement that it would acquire all of the new shares assigned to the company in proportion to its stake of 59.7per cent in POSCO Future M worth 525.6 billion won ($369.72 million).
Separately, the company also said it would acquire new shares worth 328 billion won from its joint venture with Australia's Pilbara Minerals, which makes lithium hydroxide battery materials.
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