However, the ‘call option (stock sale claim)’ clause to prevent co-investor E-Cruz from avoiding its share of funds has strict conditions and the purchase price is set at 5,000 won per share, so even if management deteriorates, E-Cruz can actually recover the principal and exit.
Experts point out that it is difficult to view call options as actual penalties.
The SH Board of Directors also pointed out, “It is questionable whether it is an effective penalty.”
The board of directors also raised the issue of E-Cruise’s lack of sharing of financial responsibilities.
E-Cruise has an investment of 4.9 billion won.
Only invested
The amount invested by SH was a total of KRW 92.6 billion, including KRW 5.1 billion in investment, KRW 27 billion in long-term loans, and KRW 60.5 billion in short-term loans.
Smell
The city of Seoul provides separate support of approximately 20 billion won, including dock installation costs.
As of now, it seems like this cruise is the only one.
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