SGC eTEC E&C Co., Ltd. announced a private placement of 730,000 registered redeemable convertible preferred shares at the price of KRW 18,620 per share for gross proceeds of KRW 13,592,600,000 on January 31, 2024. The transaction will include participation from new investor Ocim Sdn. Bhd.

The company will issue shares of par value of KRW 5,000 per share through third-party capital increase method. The shares will be locked up for a period of one year. The preferred shares will be 100% converted into 730,000 common shares at a fixed conversion price of KRW 18,685 per share for an equity stake of 18.37%.

The conversion period is from March 31, 2025 to February 15, 2034. The transaction has been approved by board of directors of the company. The payment date for the transaction is February 15, 2024.