KANGWON B&E Co., Ltd. announced that it has received KRW 6 billion in funding from IBK Capital Corporation.
March 14, 2012 at 12:00 am EDT
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KANGWON B&E Co., Ltd. (KOSE:A114190) announced a private placement of 1,033,413 registered redemption convertible preferred stock at KRW 5,806 per share for gross proceeds of KRW 5,999,995,878 on February 29, 2012. IBK-SKS Private Equity Fund No.4, a fund managed by IBK Capital Corporation will invest in the transaction. The preferred shares will be convertible into common stock of the company. The payment date is March 14, 2012. The securities issued will have a hold period of one year.
On March 14, 2012, KANGWON B&E Co., Ltd. closed the transaction.
Kangwon Energy Co Ltd, formerly Kangwon Co Ltd is a Korea-based company engaged in the manufacture and sale of industrial plant equipment. The Company operates its business through Industrial Plant Equipment segment. The Industrial Plant Equipment segment manufactures and sells industrial boiler equipment, chemical equipment, and environmental energy equipment, such as water pipe boilers, auxiliary power boilers, sulfur recovery equipment, thermal fluid boilers, and waste heat recovery equipment. The Company distributes its products in both domestic and overseas markets.