CreoSG to Convert Curo Holdings Loans Into Equity

CreoSG plans to acquire 3,236,765 new Curo Holdings shares by converting loans it made to the company into equity. The transaction is valued at 8,091,912,500 won and, if completed, would give CreoSG a 36.85% stake in Curo, according to CreoSG’s regulatory filing.

How the share issue works

Curo will allot the shares to CreoSG through a third-party issuance. Rather than paying cash for them, CreoSG will offset the share purchase price against its existing loan claims on Curo. That would reduce Curo’s debt, but the issuance itself would bring no new cash into the company. Completion is scheduled for October 23.

Curo is identified in the filing as CreoSG’s largest shareholder. If the issuance is completed as planned, CreoSG would in turn become Curo’s largest shareholder. Investors therefore have two changes to assess: the reduction in Curo’s borrowing and the resulting ownership structure.

CreoSG’s financial context

CreoSG’s latest filed results cover an earlier period, not this transaction. Its regulatory filing shows revenue growth of +15.9% (Q2 2025 → Q2 2026) and an operating margin of −4.3% (Q2 2026). Those figures provide context for the company taking shares in place of repayment of its loan.

By the Numbers