J-One Co., Ltd. announced that it expects to receive KRW 1.5 billion in funding from SHINSEGAE FOOD Inc.
July 06, 2018
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J-One Co., Ltd. announced a private placement of 300,000 shares at a price of KRW 5,000 per share for gross proceeds of KRW 1,500,000,000 on July 6, 2018. The transaction will include participation from SHINSEGAE FOOD Inc. (KOSE:A031440). Post the closing, the investor will continue to hold 100% stake in the company. The shares are issued at par. The number of shares of company will increase from 1,580,000 to 1,880,000 upon completion. The company will issue 0.1898734 shares per one existing share. The payment date is July 13, 2018. The transaction has been approved by the board of directors of the company.
Shinsegae Food Co Ltd is a Korea-based company mainly engaged in the distribution of food and ingredients. The Company operates its business through three segments. The Manufacturing Service segment engages in group catering business, restaurant business, bakery business, and food manufacturing business. The group catering business provides meals to dormitories, school hospitals and enterprises. The restaurant business provides food and beverages. The bakery business provides bakery products to customers at shopping facilities such as department stores and E-Mart. The food manufacturing business produces and sells products such as Korean food, Western food, ethnic food, and snacks. The Purchase and Distribution segment distributes ingredients and products that the company manufactures and processes. The Other segment engages in food logistics business. In addition, the Company manufactures and sells frozen dumplings, mineral water, meat, sauces, fruit drinks, and food.