Seunghwa Pretech Co., Ltd. announced that it expects to receive KRW 999.98 million in funding from a group of investors.
June 24, 2016
Share
Seunghwa Pretech Co., Ltd. announced a private placement of 1,999,958 common shares at KRW 500 per share for gross proceeds of KRW 999,979,000 on June 24, 2016. The transaction will include participation from existing investors, Blue ship No. 4 Fund, which will subscribe to 459,143 shares, PSI International Asia Co.,Ltd. And E-Tron Co., Ltd., which will subscribe to 322,963 shares each, Hangmuk Shin, Chief Executive Officer of the company, who will subscribe to 376,790 shares, and other existing investors including individual investors. The transaction will happen through third party allocation. The shares will be issued at face value. The payment date will be July 7, 2016. The eligibility date for dividend payout of new shares is January 1, 2016 and scheduled delivery date of new share certificates will be by July 28, 2016. The subscription period will commence on July 6, 2016. The company expects to incur issue costs of KRW 4,500,000. The net proceeds from the transaction will be KRW 995,479,000. The transaction has been approved by board of directors of the company.
DONGBANG TRANSPORT LOGISTICS CO., LTD. is a Korea-based company engaged in the transportation business. The Company operates its business through four divisions: harbor stevedore division, which provides stevedoring and warehouse management services for imported/exported and general cargoes; freight truck transportation division, which engages in the road transportation of general and heavy cargoes; marine transportation division, which engages in the transportation of steel products and other bulk cargoes, and other business division, engages in the automobile maintenance, rental and oil distribution businesses.