SM Hwajin Co., Ltd. announced a placement of 12,550,898 common shares at an issue price of KRW 500 per share for gross proceeds of KRW 6,275,449,000 on May 12, 2023. The transaction will include participation from Sangsangin Savings Bank for 11,715,236 shares and Sangsangin Plus Savings Bank Co.,Ltd. for 835,662 shares. The transaction has been approved by board of directors of the company.

The expected date of payment is May 18, 2023. The method of capital increase is through third party allocation.