SM Culture & Contents Co., Ltd. (KOSDAQ:A048550) announced a private placement of 24,508,474 common shares at KRW 2,950 per share for gross proceeds of KRW 72,299,998,300 on July 17, 2017. The shares have par value of KRW 500 per share and will be issued at premium. The shares will be issued to new investor SK Telecom Co., Ltd. (KOSE:A017670) for 22,033,898 shares, existing investor S.M. Entertainment Co., Ltd. (KOSDAQ:A041510) for 1,694,915 shares, and Dream Maker Entertainment Limited for 779,661 shares.

The shares will be issued through third party allotment. The transaction has been approved by board of directors of the company. The transaction is expected to be completed by October 19, 2017.

The shares will have a lock up period of 1 year.