Kolon Fashion Material, Inc. (KOSE:A144620) announced a private placement of 9,000,000 common shares at a price of KRW 2,860 per share for gross proceeds of KRW 25,740,000,000 on March 4, 2019. The transaction includes participation from existing investor Kolon Industries, Inc. (KOSE:A120110). The shares have a face value of KRW 1,000 per share and will be allocated through 3rd party allotment method.

The company expects to close the transaction by March 12, 2019. The transaction has been approved by the board of directors of the company. The shares issued in the transaction have a lockup period of one year.