Tong Yang Life Insurance Co., Ltd. announced that it has received KRW 528.34 billion in funding from Anbang Group Holdings Co. Ltd.
On March 28, 2017, Tong Yang Life Insurance Co., Ltd. (KOSE:A082640) closed the transaction. The company amended the terms of the transaction and issued 53,786,195 common shares at a price of KRW 9,823 per share for gross proceeds of KRW 528,341,793,485 in the transaction. Pursuant to the transaction, the investor acquired a stake of 33.33% in the company. Post the closing, the number of issued shares of the company increased from 67,789,432 to 121,575,627. The payment date of shares is March 27, 2017.