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.