Meritz Fire & Marine Insurance Co., Ltd. (KOSE:A000060) announced a private placement of 3,342,000 shares at a price of KRW 20,950 per share for gross proceeds of KRW 70,014,900,000 on June 20, 2018. The transaction will include participation from returning investor, Meritz Financial Group Inc. (KOSE:A138040). The shares will be issued at premium.

Post the closing, the number of shares will increase from 110,338,000 to 113,680,000. The shares will have a lock up period of one year in Korea Securities Depository and will be issued through third party allotment method. The payment date is July 5, 2018.

The transaction has been approved by the board of directors of the company.