Microptics Co., Ltd. announced that it has received KRW 4.81 billion in funding from Elcomtec Co., Ltd.
May 30, 2014 at 12:00 am EDT
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Microptics Co., Ltd. announced its intention to conduct a private placement of shares with new investor, Elcomtec Co., Ltd. on February 12, 2014.
On March 12, 2014, the company announced that Elcomtec Co., Ltd. has been selected as the preferred bidder.
On March 27, 2014, the company announced that it has signed the investment contract with the investor. The company will issue 9,620,000 shares at a price of KRW 500 per share for gross proceeds of KRW 4,810,000,000. The board of the company approved the transaction. The investor will acquire 100% stake in the company through this transaction. The scheduled investment date is April 30, 2014.
On April 30, 2014, the company announced that scheduled investment date now is May 30, 2014.
On May 30, 2014, Microptics Co., Ltd. closed the transaction. PricewaterhouseCoopers Co., Ltd. acted as financial advisor to the company.
ELCOMTEC CO.,LTD is engaged in the provision of mobile phone parts. It offers mobile phone parts, including compact camera modules (CCMs), which receive optical signals from photo-optical sensors and change it to electronic signals and output as an image signals, as well as keypads, including plastic key type, steel special use stainless (SUS) key type and film key type. It also produces high-voltage condensers (HVCs) and light-emitting diode (LED) lighting products such as LED tunnel lights, LED ceiling lights, LED security lights and others. Through its subsidiary, the Company is involved in the overseas development of minerals such as gold. On March 27, 2014, it acquired a 100% stake in a Korea-based company, engaged in the manufacturing and sales of lens. On March 31, 2014, it sold its entire stake in AGM MINING CO.,LTD. On May 30, 2014, it acquired a 100% stake in a Korea-based company. On June 10, 2014, it acquired the entire share capital of Microptics Co Ltd.
ELCOMTEC CO., LTD 
