Sumagen Co., Ltd. announced that it expects to receive KRW 10.3 billion in funding from CUROCOM.Co.Ltd., GNCO Co., Ltd.
September 06, 2016
Share
Sumagen Co., Ltd. announced a private placement 2,233,788 common shares at a price of KRW 4,611 per share for gross proceeds of KRW 10,299,996,468 on September 7, 2016. The transaction will include participation from existing investors CUROCOM.Co.Ltd. (KOSDAQ:A040350) and GNCO Co., Ltd. (KOSDAQ:A065060) for KRW 6,672,730,263 and KRW 3,627,261,594 respectively to acquire additional 7.364080% and 4.516047% stake respectively in the company to own 64.783818% and 35.216181% stake respectively in the company.
The record date for new shares is September 7, 2016. The number of shares allocated per existing share is 0.1282499. The transaction will close on September 8, 2016. The subscription date starts and ends on September 8, 2016. The eligible date for dividend payout date is January 1, 2016. The transaction has been approved by the board of directors of the investor. The company reported total assets of KRW 22,940,000,000, total liabilities of KRW 17,904,000,000, total capital of KRW 5,036,000,000, capital of KRW 5,828,000,000, and net profit of KRW -2,644,000,000 for the year ended December 31, 2015.
GNCO CO. LTD. is a Korea-based company mainly engaged in the manufacturing and sale of casual apparels. The Company manufactures and sells womenâs and menâs casual apparels including outwear and underwear, and accessories including bags, shoes, ties, jewelries, gloves, among others under five brands, including Thursday Island, which is a urban vintage casual brand mainly for women; T.I FOR MEN, which is a men's casual brand mixing the formal and casual style; ELOQ, which is a unisex casual brand; LOUDMUT, a womenâs casual brand, and PHENOM, which is a concept store brand specializing in selling imported accessories in Northern European style. It distributes its products through distribution agencies, departments and online shopping malls www.gncostyle.com. In addition, the Company is involved in financial investment business.