To-Top Electronics Company Limited (Hong Kong) announced that it expects to receive KRW 5.73 billion in funding from SAMT Co., Ltd. and other investors
November 09, 2016
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To-Top Electronics Company Limited (Hong Kong) announced a private placement of 39,000,000 common shares at a price of KRW 146.897436 per share for gross proceeds of KRW 5,729,000,004 on November 10, 2016. The transaction will include participation from SAMT Co., Ltd. (KOSDAQ:A031330) for 19,500,000 shares for KRW 2,864,500,000 to continue to hold 50% stake in the company. SAMT Co., Ltd. (KOSDAQ:A031330) currently holds 116,872,500 shares in the company and will hold 136,372,500 shares upon closing. The number of outstanding shares will increase from 233,745,000 to 272,745,000 upon closing. The shares issued in this transaction will represent 14.299071% stake in the company, of which SAMT Co., Ltd. (KOSDAQ:A031330) will acquire 7.149535% stake. The scheduled acquisition date is November 11, 2016. The transaction has been approved by the board of the company. The company reported stockholders’ equity of KRW 63,515,000,000, total assets of KRW 242,219,000,000, total liabilities of KRW 178,704,000,000, revenues of KRW 1,239,716,000,000, and net profit of KRW 14,139,000,000 for the year ending December 31, 2015.
SAMT Co.,LTD. is a Korea-based company engaged in the distribution of semiconductors and other information technology (IT) products. The Companyâs products consist of semiconductors, including memory and non-memory semiconductors; displays, including digital information displays (DIDs), liquid crystal displays (LCDs) for monitors and laptops, small- and medium-size LCDs and others; personal computers (PC) and storage products, including laptops, desktops, monitors, printers, solid state disks (SSDs), servers, keyboards and others, as well as digital modules, among others. The Companyâs main suppliers are SAMSUNG ELECTRONICS, SAMSUNG DISPLAY, SAMSUNG TECHWIN, SAMSUNG SDI and SAMSUNG ELECTRO-MECHANICS. It distributes its products within domestic market and to overseas markets, such as America and China.
To-Top Electronics Company Limited (Hong Kong) announced that it expects to receive KRW 5.73 billion in funding from SAMT Co., Ltd. and other investors