Uconsystem Inc. announced that it has received KRW 4 billion in funding from FIRSTEC Co., Ltd.
June 13, 2014 at 12:00 am EDT
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Uconsystem Inc. announced a private placement of 2,800,000 common shares at KRW 1,429 per share for gross proceeds of KRW 4,001,200,000 with existing shareholder FIRSTEC Co., Ltd. on June 12, 2014. FIRSTEC Co., Ltd. will retain 100% stake on completion of the transaction. The shares will be issued at premium and face value of KRW 500 per share. The company will allocate 1.273 new shares for every existing share held. The subscription period will start on June 12, 2014 and end on June 13, 2014. The payment date will be June 13, 2014. The transaction has been approved by board of directors of the company. The company reported total assets of KRW 8,312,400,909 for the year ended December 2013.
On June 13, 2014, Uconsystem Inc. closed the transaction.
FIRSTEC Co., Ltd is a Korea-based company principally engaged in the defense business. The Company's defense products are aerospace products, such as simulators, cockpit panels, control display units, landing lights, attitude control systems and others; guided weapon, such as actuation systems, fire control systems, guidance control systems, fuel propulsion systems and others; ground weapon, such as driving and control unites, speed sensor kits, electrical kits and others; maritime weapon, and unmanned systems such as navigation devices. It is also engaged in the development and manufacture of security service systems, such as vision gate systems, vision recon systems, vision office systems and vision safe systems.