CITECH Co., Ltd. announced that it expects to receive KRW 8 billion in funding
March 30, 2021
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CITECH Co., Ltd. (KOSE:A004920) announced a private placement of 9th series bearer-type interest-bearing private convertible bonds for gross proceeds of KRW 8,000,000,000 on March 31, 2021. The transaction will include participation from Nucleo Invest Co., Ltd. The bonds carry 4% interest rate and have fixed yield to maturity of 6%. The bonds will mature on May 14, 2024. The bonds are 100% convertible into 8,154,943 common shares of the company representing 32.53% stake at a fixed conversion price of KRW 981 per share. The conversion period is from May 14, 2022 to April 14, 2024. The transaction has been approved by board of directors. The transaction is expected to close on May 14, 2021.
CITECH CO.,LTD, formerly SAMYUNG HOLDINGS CO., LTD is a company primarily engaged in the system integration (SI) business. Along with subsidiaries, the Company operates its business through two segments. The Information Technology (IT) Business segment is mainly involved in the development, manufacturing and sale of unmanned automatic certificate issuing machine, and the development and supply of book management system. The Other Distribution and Leasing Business segment is mainly engaged in the distribution of IT related equipments and the leasing of real estates.
CITECH CO., LTD. 
