Touch mobile solution Co.,Ltd. announced that it expects to receive KRW 30 billion in funding from Seoul Electronics & Telecom Co. Ltd.
September 25, 2014 at 09:30 am IST
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Touch mobile solution Co.,Ltd. announced a private placement of 60,000,000 common shares at KRW 500 per share for gross proceeds of KRW 30,000,000,000 on September 25, 2014. The transaction will include participation from existing investor, Seoul Electronics & Telecom Co. Ltd. currently holding majority stake in the company. The shares will be issued at par value. The transaction has been approved by the board of directors of the investor. The scheduled subscription period will start and end on October 28, 2014. The payment date will be October 29, 2014.
On October 27, 2014, the company announced that it has amended the terms of the transaction. The company will issue 35,000,000 shares, of which 30,000,000 shares worth KRW 15,000,000,000 will be issued for debt to equity swap whereas 5,000,000 shares worth KRW 2,500,000,000 will be issued for cash. The company had 16,501,184 shares outstanding before the transaction. The company had total assets of KRW 57,067,000,000; total liabilities of KRW 38,257,000,000; capital of KRW 8,250,000,000; total stockholders' equity of KRW 18,810,000,000; sales revenue of KRW 84,356,000,000; and net profit of current period of KRW 1,926,000,000 for the year ending on December 31, 2013.
SEOUL ELECTRONICS & TELECOM is a Korea-based company mainly engaged in the development, manufacture and sale of transformers and other electrical products. The Company and its subsidiaries provide transformers, alternating current (AC) adaptors, battery chargers, switching transformers and switched-mode power supplies (SMPSs), image sensors and touch screens, as well as transformer materials and others. The Company distributes its products within domestic market and to overseas markets. On July 30, 2014, it sold its entire stake in ione. On August 7, 2014, it sold its entire shares of BOWON LIGHT METAL Co., Ltd.