이 기사는 2021년 04월 22일 08시02분 thebell에 표출된 기사입니다

The value of SK Siltron’s equity holdings in polysilicon manufacturer OCI is trending up thanks to the company’s expanding polysilicon business.

The value of SK Siltron’s stake in OCI was around 44.4 billion won ($39 million) at the end of 2020, according to the company’s business report, industry sources said on Tuesday. The equity value has significantly risen this year as the price of OCI shares has jumped more than 40%.

SK Siltron, which produces key semiconductor component silicon wafers, made an strategic investment in OCI three years ago. It bought an around 2% stake in OCI for 75.5 billion won in April 2018 from OCI Vice Chairman Lee Woo-hyun via a block deal in a bid to diversify its suppliers and stably receive polysilicon from OCI. The proceeds from the sale helped Lee finance his inheritance tax.

OCI’s stock price had continuously fallen since then, with the value of SK Siltron’s stake in OCI declining to 16.6 billion won in the first quarter of 2020.

But the situation has changed this year as OCI rebouded from a sluggish performance. SK Siltron said it is not planning to sell its stake in the near term because it wants to maintain its strategic relationship with OCI. Last year, the polysilicon maker signed an agreement with SK Siltron to supply 277.5 billion won worth of polysilicon until 2026.

The outlook is rosy thanks to growing global demand for polysilicon and rising price. OCI won an $845.5 million worth order to supply polysilicon to the world’s largest photovoltaic wafer producer LONGi Solar in China earlier this year.

OCI’s shares recently traded at around 130,000 won, with brokerage firms setting a target price at a 1700,000 range. (Reporting by Hye-ran Kim)