EQS-News: fox e-mobility AG: Detailed update on the investment by Yangji Investment Partners LLC

fox e-mobility AG: Detailed update on the investment by Yangji Investment Partners LLC

Dusseldorf, December 1st, 2023.

The management of fox e-mobility AG has been provided with details about the reasons for the postponement of the scheduled transfer execution dates (see ad hoc announcement of today).

These details are as follows:

Apparently, overseas investments are still being heavily discouraged and limited due to financial condition of the Korean economy and the recent outsized losses of Korean pension funds and asset management companies in their overseas investments.

In order to still allow an overseas investment by asset management companies, the Financial Supervisory Service (FSS) set the condition that Korean clients’ money must be secured by domestic assets.

In Yangji’s case a real estate property located in Gangnam, Seoul is being used as security for which under the FSS supervision a special bridge loan is arranged. The funds from the bridge loan are then permitted to be transferred overseas for investment.

The aforesaid property in Gangnam, Seoul has a market value of around 130 billion KRW (92 million Euros). This property provides ample room for Yangji’s investment in fox e-mobility AG as the bridge loan is in the amount of 55 billion KRW (39 million Euros).

Currently there are around 57 companies in Korea seeking similar loans for overseas investments and 10 of them are expected to receive approval this month. Yangji is one of them.

Expected time for payment, depending on the expected approval time of the afore mentioned bridge loan, is the first week of December 2023.

Contact:
ir@fox-em.com

fox e-mobility AG
Königsallee 61
40215 Dusseldorf
Germany