Tongyang Pile, Inc. announced a private placement of 799,800 shares at KRW 50,000 per share with existing investor, TONGYANG Cement & Energy Corporation for gross proceeds of KRW 39,990,000,000 on July 15, 2013. The company will issue 39.99 new shares for every one existing share. The investor will still hold 100% stake in the company after closing of the transaction.

The start date and end date of the subscription period is July 31, 2013. The scheduled acquisition and payment date for the transaction is July 31, 2013. The transaction was approved at the company's board of directors meeting.

The company reported total assets of KRW 10,000,000 and total stockholders' equity of KRW 10,000,000 for the year ended December 2012.