Toshiba sells stake in wind turbine maker Unison at a huge loss

Toshiba agreed to sell a 13.9 percent stake, or 15.5 million common shares, in wind turbine maker Unison to a private equity fund managed by Samchully Asset Management for 19.8 billion won.

Toshiba acquired the shares for 81.6 billion won in 2012.

The stock price of Unison in Kosdaq dropped over eight years.

While the Unison purchasing price averaged 5,265 won per share, the price gradually fell due to indebtedness and business losses.

In March, the share price dropped to a low of 570 won due to the pandemic.

Samchully’s bought the Unison shares for 1,277 won.

On top of the common shares, Samchully is expected to purchase 25 billion won worth of convertible bonds and has drawn institutional investors, such as the National Pension Service.

Eugene Investment & Securities analyst Han Byung-hwa noted that the change to Korean ownership would help Unison attract more business from Korea’s “Green New Deal” initiative.