Jaeyoung Solutec Co., Ltd. announced that it expects to receive KRW 12 billion in funding from Ksa Investment
March 08, 2017
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Jaeyoung Solutec Co., Ltd. (KOSDAQ:A049630) announced a private placement of 2,513,616 redeemable convertible preferred shares at KRW 2,387 per share for gross proceeds of KRW 6,000,001,392 and 9th series domestic unregistered coupon unguaranteed private convertible bonds of par value of KRW 6,000,000,000 for total gross proceeds of KRW 12,000,001,392 on March 9, 2017. The transaction will include participation from new investor Ksa Investment. The preferred shares are redeemable from March 23, 2017 to March 22, 2022. The preferred shares are convertible into 2,513,616 common shares of the company at a fixed conversion price of KRW 2,387 per share. The company will issue shares at premium. The bonds will bear interest at 2.5%, yield to maturity at 5%, and will mature on March 23, 2022. The conversion rate of bonds is 100% and conversion price is KRW 2,656 per share. The bonds will be convertible into 2,259,036 common shares from March 23, 2018 till March 22, 2022. The subscription date of bonds is March 13, 2017. The payment date of the securities is March 23, 2017. The shares issued are subject to restriction. The company will issue shares through third party allotment method. The transaction has been approved by the board of directors of the company.
JAEYOUNG SOLUTEC CO.,LTD. is a Korea-based company specialized in the provision of electrical parts and moldings. The Company operates in three main business divisions: mold business division, components division and nano-optical business division. Its mold business division engages in the manufacture of plastic injection molds used for automobiles, home appliances, optical devices, engineering components and others. Its components division engages in the manufacture of terminals, electric optical parts and semiconductor test sockets such as ball grid array (BGA) burn-in test sockets. Its nano-optical business division provides aspherical glass lenses and camera lens modules. It also involves in the design business. The Company distributes its products within domestic market and to overseas markets.