UI Trans Corporation announced that it has received KRW 2.33 billion in funding from POSCO Engineering & Construction Co., Ltd. and Posco ICT Company Ltd.
September 02, 2014 at 12:00 am EDT
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UI Trans Corporation announced a private placement of 1,220,000 common shares at KRW 5,000 per share for gross proceeds of KRW 6,100,000,000 with existing shareholders on August 19, 2014. The shares will be issued at face value. The company will allocate 0.1185617 new shares for every existing share held. The subscription period will start and end on September 1, 2014. The payment date will be September 1, 2014. The transaction has been approved by board of directors of the company.
On September 2, 2014, UI Trans Corporation closed the transaction. The company issued 465,918 shares for KRW 2,329,590,000. The transaction included participation from POSCO Engineering & Construction Co., Ltd., which subscribed to 332,938 shares for KRW 1,664,690,000 and Posco ICT Company Ltd., which subscribed to 132,980 shares for KRW 664,900,000. POSCO Engineering & Construction Co., Ltd. acquired 1.27% stake and Posco ICT Company Ltd. acquired 0.51% stake of the company through this transaction. The investor acquired total stake of 1.78% through this transaction. POSCO Engineering & Construction Co., Ltd. increased its stake from 27.29% to 28.56% and Posco ICT Company Ltd. increased its stake from 10.90% to 11.41%.
Posco DX Co Ltd, formerly Posco ICT Co Ltd, is a Korea-based company mainly engaged in the provision of engineering and information technology (IT) services. The Company provides consulting services, such as business consulting and consulting on solutions; information and communications technology (ICT) services, such as establishment of information systems, network integration, ICT outsourcing services and others; engineering services and automation services, as well as infrastructure services, such as network, data center and cloud computing. Its services are applied in the steel, logistics, railway, environment, energy, airport and other industries. It also involves in the development and maintenance of systems. In addition, the Company manufactures industrial light emitting diode (LED) products.
UI Trans Corporation announced that it has received KRW 2.33 billion in funding from POSCO Engineering & Construction Co., Ltd. and Posco ICT Company Ltd.