Keyeast Co., Ltd. (KOSDAQ:A054780) announced a private placement by third party allotment of 2,136,752 common shares at a price of KRW 2,340 for gross proceeds of KRW 4,999,999,680 on May 14, 2018. The transaction will include participation from existing investor, SM Entertainment Co., Ltd. (KOSDAQ:A041510). The investor will hold 31.61% stake in the company post-closing.

The payment date for the transaction is June 22, 2018. The shares being issued in the transaction are subject to a lock-up period of a year.