SAMYUNG ENC Co., Ltd. announced that it expects to receive KRW 10 billion in funding from BK Shipbuilding Investment Association, Now Ace Partnership Fund
January 16, 2020
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SAMYUNG ENC Co., Ltd. (KOSDAQ:A065570) announced a private placement of episode one bearer's interest-free private bond convertible bonds for an aggregate gross proceeds of KRW 10,000,000,000 on January 17, 2020. The transaction will include participation from Now Ace Partnership Fund for KRW 3,000,000,000 and BK Shipbuilding Investment Association for KRW 7,000,000,000. The bonds will mature on January 21, 2024. The bonds be interest free and have yield to maturity of 2%. The bonds are 100% convertible into 1,606,167 shares at a conversion price of KRW 6,226 per share. The conversion period for bonds will start from January 21, 2021 and ends on December 21, 2023. The transaction for bonds is expected to close on January 21, 2020. The shares on conversion represent 15.43% stake of the company. The transaction has been approved by the board of directors of the company. The company may redeem the bonds till January 21, 2021 at 104.0707%, till April 22, 2021 at 104.5911%, till July 21, 2022 at 105.1140%, till October 21, 2022 at 105.6396%, till January 21, 2023 at 106.1687%, till April 21, 2023 at 106.6986%, till July 21, 2023 at 107.2321% and till October 21, 2023 at 107.7683%.
On March 21, 2020, the bonds will be converted into 1,994,017 shares at a conversion price of security will be KRW 5,015 per share.
Samyung ENC Co., Ltd. is a Korea-based company mainly engaged in the manufacture and sale of marine electronic equipment. The Companyâs products consist of maritime communication equipment, such as global maritime distresses and safety systems (GMDSSs), including digital selective calling (DSC) medium frequency (MF) and high frequency (HF) transmissions and receivers, emergency position indication radio beacons (EPIRBs), navigational telex (NAVTEX) receivers and others; navigation equipment, including global positioning system (GPS) navigation systems, GPS plotters, fish finders, radars, automatic receivers, weather fax receivers and others; defense equipment, including short-wave communication systems, and other equipment, including fishing equipment, automation pilot systems and fishnet sensors. It also provides antennas. The Company distributes its products within domestic market and to overseas markets.
SAMYUNG ENC Co., Ltd. announced that it expects to receive KRW 10 billion in funding from BK Shipbuilding Investment Association, Now Ace Partnership Fund
SAMYUNG ENC CO., LTD. 
