Hyosung Spandex(Ningxia) Co., Ltd. announced that it will raise KRW 47,376,000,000 in an equity round on December 20, 2021. The transaction will include participation from returning investors, Hyosung TNC Corporation for KRW 35,532,000,000 and Hyosung Istanbul Tekstil Ltd. Sti for KRW 11,844,000,000. The company will raise funding through share allocation method.

The transaction has been approved by board of directors and is expected to close on March 31, 2022. Post to the transaction, Hyosung TNC Corporation will hold 75% stake in the company.