Serin Food Co., Ltd. announced that it expects to receive KRW 5 billion in funding from Shinsegae Food Co., Ltd.
September 18, 2016
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Serin Food Co., Ltd. announced a private placement of 1,000,000 common shares at KRW 5,000 per share for gross proceeds of KRW 5,000,000,000 on September 19, 2016. The shares will be issued at its par value. The shares will be issued to the existing shareholder Shinsegae Food Co., Ltd. (KOSE:A031440). The company will issue 0.6680026 new shares for every existing share in the company. The payment date for the transaction is September 22, 2016. The subscription period will commence and end on September 22, 2016. The transaction was approved by the board of directors of the company. The company’s outstanding shares will be increased from 1,497,000 to 2,497,000. Investor shall acquire 40.048058% stake in the company through this transaction and shall hold 100% stake upon closing.
On September 20, 2016, the company announced that the transaction has been approved by board of directors of Shinsegae Food Co., Ltd.
Shinsegae Food Co Ltd is a Korea-based company mainly engaged in the distribution of food and ingredients. The Company operates its business through three segments. The Manufacturing Service segment engages in group catering business, restaurant business, bakery business, and food manufacturing business. The group catering business provides meals to dormitories, school hospitals and enterprises. The restaurant business provides food and beverages. The bakery business provides bakery products to customers at shopping facilities such as department stores and E-Mart. The food manufacturing business produces and sells products such as Korean food, Western food, ethnic food, and snacks. The Purchase and Distribution segment distributes ingredients and products that the company manufactures and processes. The Other segment engages in food logistics business. In addition, the Company manufactures and sells frozen dumplings, mineral water, meat, sauces, fruit drinks, and food.
SHINSEGAE FOOD INC. 
