Fact Source: Financial Supervisory Service DART
Market: KOSPI (015760)
💡 3-Second Summary
KEPCO filed a corrected disclosure to adjust its total debt guarantee amount to approx. KRW 1.1962 trillion (USD 859 million) following detailed contract executions, including equity contribution guarantees and lender additions for the Saudi combined-cycle power project.
📊 Key Disclosure Content & Financial Highlights
• Disclosure Title: (Correction) Decision to Guarantee Debt for Others
• Correction Reason: Addition of lenders, adjustment of guarantee amount, equity amount, ratio to equity, total debt guarantee balance, and key matters
• Initial Filing Date: March 21, 2025 (Correction Date: July 24, 2025)
• Key Correction Details:
- Creditors: (Before Correction) Offtaker (SPPC), Lenders (DBS) → (After Correction) Lenders (Standard Chartered Bank et al.) added
- Guarantee Amount: (Before Correction) KRW 1,255,584,000,000 → (After Correction) KRW 1,196,151,649,214 (KRW ~1.1962T / USD 859,304,345.70)
- Equity: (Before Correction) KRW 37,264,750,172,548 → (After Correction) KRW 41,362,833,061,743 (Based on 2024 year-end consolidated financial statements)
- Ratio to Equity: (Before Correction) 3.4% → (After Correction) 2.9%
- Total Debt Guarantee Balance: (Before Correction) KRW 4,193,624,274,062 → (After Correction) KRW 2,531,253,064,718 (KRW ~2.5313T)
• Debt Guarantee Details:
- Debtors: Remal Energy Company, Naseem Energy Company (Project entities for Saudi Ruma and Nairyah combined-cycle power project)
- Creditors: Saudi Power Procurement Company (Offtaker), Development Bank of Singapore (Lenders), Standard Chartered Bank et al. (Lenders)
- Guarantee Period: November 28, 2024 – March 20, 2032 (Varies by individual guarantee contract)
- Foreign Exchange Rate Applied: USD 1 = KRW 1,392.00 (Hana Bank basic exchange rate on Nov 20, 2024)
• Guarantee Balance by Debtor:
- Remal Energy Company: KRW 597,204,613,915 (USD 429,026,303.10)
- Naseem Energy Company: KRW 598,947,035,299 (USD 430,278,042.60)
• Detailed Breakdown of Guarantees:
- Equity Contribution Guarantee for PPA Performance: USD 16,000,000 each
- Equity-Bridge Loan Principal & Interest Guarantee: USD 120,000,000 each
- Equity Contribution Guarantee (Newly Reflected): Remal USD 108,026,303.10 / Naseem USD 109,278,042.60 (Contract Period: Jul 23, 2025 – May 31, 2029)
• Board Resolution Date: November 20, 2024 (All 8 Outside Directors Present / Audit Committee Member Present)
• Related Disclosures: Decision to Guarantee Debt for Others dated March 21, 2025, and prior filings
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Verification of Guarantee Contract Details and Subsequent Corrective Disclosures
This corrected filing reflects the adjustment of the total debt guarantee amount (approx. KRW 1.1962 trillion) and balance due to the execution of detailed contracts, including equity contribution guarantees and the addition of lenders, for the Saudi combined-cycle power project. Checking for any subsequent corrective disclosures as individual guarantee agreements are finalized or amended is important for tracking the progress of this overseas project. Relevant details can be verified through future corrective disclosures and official periodic reports.
📢 Disclaimer & Source Notice
Source: This content was structured and newly authored based on official data submitted to the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
Investment Risk Warning: This content is provided solely for informational and educational purposes. Under no circumstances does it constitute financial advice or a recommendation to buy or sell any specific stock. All investment decisions and financial responsibilities rest entirely with the individual investor.
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