Kukdong Corporation announced a private placement of round 13 non-guaranteed interest part convertible bond for proceeds of KRW 12,000,000,000 on June 30, 2021. The transaction will include participation from new investors Sangsangin Plus Savings Bank Co.,Ltd. for KRW 5,000,000,000, Sangsangin Investment & Securities Co.,Ltd. for KRW 2,000,000,000, Sangsangin Savings Bank, Investment Arm for KRW 5,000,000,000. The bonds carry surface interest rate of 2% and interest rate to maturity of 4% per annum.

The bonds will mature on July 5, 2024. The bonds are fully convertible into 3,324,099 shares of the company at a conversion price of KRW 3,610 per share. The conversion period will start from July 5, 2022 and ends on June 5, 2024.

The shares have face value of KRW 200 and will be issued at a premium. The transaction is expected to close on July 5, 2021. The transaction has been approved by the board of directors of the company.