On the very day that Samhae E&C, a related company of Unison's largest shareholder, completed its stock purchases, another stakeholder began buying shares on the open market. It was Bigrim Power Korea, which is undertaking the Nagwol offshore wind project together with Myungwoon.
The timing is remarkably aligned. Unison decided on a stock consolidation in late July this year, and as the share price subsequently fell, it received notice of risk of management stock designation from the Korea Exchange in early August. During this process, Samhae E&C concentrated on buying shares. After Samhae E&C's purchases stopped, Bigrim immediately began open market purchases. Only the buyer changed in this sequence of events.
Bigrim is also an investor in Unison's convertible bonds. Bigrim has described its Unison investment as a matter of strategic partnership. However, the fact that purchases by the largest shareholder's related company and a key business partner occurred consecutively around the time of the management stock designation risk raises questions about the background behind each investment decision.
Bigrim's first purchase on Samhae's last day: 12.936 billion won invested over one month
Analysis of financial regulator electronic disclosures shows that from August 14 to September 14, Bigrim purchased 11.811338 million Unison shares on the open market. Based on the daily average price recorded in the disclosure, the purchase amount was approximately 12.936 billion won.
On the first trading day (August 14), Bigrim purchased 1.036689 million shares at an average price of 964 won. Coincidentally, this was also the day Samhae E&C made its final Unison stock purchase. Samhae E&C bought 1.151433 million shares at an average price of 991 won that day. Combined, the two companies' purchases totaled 2.188122 million shares, exceeding 20 percent of Unison's total trading volume that day.
Unison's share price moved significantly that day. It opened at 879 won, surged to 1,017 won in early trading, fell to the 920 won range, but rebounded in the afternoon. The closing price was exactly 1,000 won, up 15.47 percent from the previous trading day.
As examined in the previous article, Samhae E&C purchased approximately 7.94 million Unison shares between August 6 and 14. The 1,000 won closing price, which was the management stock designation threshold, formed twice during this period. Bigrim's first purchase coincided with the day the second 1,000 won closing price occurred.
Bigrim's purchases continued thereafter. It bought approximately 810,000 shares on August 18, 1.22 million shares on August 19, and 980,000 shares on August 20, with additional purchases on August 21 and 25. By August 25, Bigrim had secured 4.835649 million shares. The purchase amount was approximately 4.732 billion won. On Bigrim's purchase days during this period, excluding August 14, Unison's closing price was consistently below 1,000 won. Then on August 26 it rose to 1,038 won.
As a result, the management stock designation count (closing price below 1,000 won) was broken again in line with Bigrim's purchases. It appears Bigrim immediately took over where Samhae E&C withdrew.
Joint business with Myungwoon and Nagwol: purchases continued even after exceeding 1,000 won
Bigrim is also operationally connected to Unison.
Bigrim Power Korea is the domestic subsidiary of Thai energy company Bigrim Power and is undertaking the Nagwol offshore wind project together with Myungwoon, Unison's largest shareholder. As the second-largest shareholder of Nagwol Blue Heart, the project developer, it shares interests with Myungwoon as a key business partner.
Prior to this, Bigrim had invested 32 billion won in Unison's 18th convertible bond issuance. The open market purchase of common shares represents an expansion of direct equity investment in Unison following the existing bond investment.
Bigrim's open market purchase plan was disclosed externally before the actual purchases took place, and strengthening strategic partnership with Unison was cited as the investment rationale. In the large shareholding disclosure Bigrim submitted to financial authorities, the holding purpose is listed as "simple investment."
The transaction details reveal aspects difficult to explain as merely defending the 1,000 won level. Although Unison's closing price rose to 1,038 won on August 26, exceeding 1,000 won, Bigrim did not stop purchasing. That day it bought approximately 1.26 million shares at an average price of 1,022 won, and on August 27 and 28 it made large additional purchases at average prices of 1,133 won and 1,253 won respectively.
Purchases continued in the 1,200 won range into September. From August 26 to September 14, Bigrim additionally purchased approximately 6.98 million shares, exceeding half of its total purchase volume. The amount invested was approximately 8.2 billion won.
This suggests that Bigrim's investment cannot be narrowly characterized as targeting only the 1,000 won management stock threshold. The company continued investing at higher prices even after the share price moved beyond the threshold.
Yet this does not eliminate questions surrounding the timing of the initial purchases. An industry source said: "When Bigrim began purchasing common shares, Unison faced the risk of management stock designation after having decided on a stock consolidation. In particular, the fact that Samhae E&C's final purchase day and Bigrim's first purchase day coincide exactly raises suspicions of other intentions."
If Bigrim's investment was an independent business decision, why it chose to begin common share purchases at this particular moment, and whether it had prior discussions with Unison or Myungwoon about the timing and scale of investment, become important matters for verification.
Whether prior consultation occurred also has legal significance. The Capital Markets Act prohibits a series of trades conducted for the purpose of fixing or stabilizing the market price of listed shares. If it is confirmed that multiple investors coordinated the timing or scale of purchases to maintain a specific price range, this could become important circumstantial evidence in determining whether each transaction was an independent investment and whether there was intent to manipulate prices.
The Stock contacted Unison with questions including: the background behind Bigrim's open market purchases, the reason the timing of Samhae E&C's purchase termination and Bigrim's purchase initiation overlapped, whether there was prior consultation with Unison or Myungwoon in Bigrim's investment decision process, and whether the management stock designation risk at that time influenced Bigrim's investment decision.
As of the time of writing, the company had not provided a response.
Original Korean article: the-stock.kr
English brief by Korea Wind Intelligence, koreawindintel.com
KWI developer profile — Myungwoon
3 projects in Korea totalling 1,513 MW. Compiled from the KWI database. Not part of the source article.
Nagwol Offshore Wind — this article
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Project data: KWI database — Electricity Business Licence records, EIA filings (ME2019C003, ME2024C001, ME2025C028), Electricity Regulatory Commission minutes, and pre-EBL permit filings.
