Daeho Al Co.,Ltd. announced that it expects to receive KRW 3 billion in funding
November 19, 2020
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Daeho Al Co.,Ltd. (KOSE:A069460) announced a private placement of series 16 coupon unregistered non-guaranteed private convertible bonds for gross proceeds of KRW 3,000,000,000 on November 20, 2020. The transaction will include participation from AX Fund. The bonds bear a coupon rate and interest rate to maturity of 2% and 3% respectively, and the bonds will mature on November 27, 2023. The bonds are 100% convertible into 1,321,585 common shares at a conversion price of KRW 2,270 per share for 4.6% stake. The conversion period of the bonds starts on November 27, 2021 and ends on November 20, 2023. The transaction has been approved by the board of directors of the company. The payment date is November 27, 2020. The bonds to be issued will have a hold period of one year, post the closing.
DAEHO AL CO.,LTD. is a Korea-based company mainly engaged in the manufacturing and distribution of aluminum products. The Company mainly provides aluminum circle sheets, which are used for kitchenware, and aluminum coils used for electricity and electronic products and automobile parts. It is also engaged in the provision of steel products for construction and structural products. In addition, the Company is involved in the processing business for railroad cars. The Company distributes its products within domestic market and to overseas markets.