GFS Co., Ltd. announced a private placement of 4,780,000 common shares at a price of KRW 40,000 per share for gross proceeds of KRW 191,200,000,000 on February 8, 2022. The transaction will include participation from GS Engineering & Construction Corporation for 2,342,200 common shares for gross proceeds of KRW 93,688,000,000 and returning investor, Xi S&D Inc. for 2,437,800 shares for gross proceeds of KRW 97,512,000,000 to retain its 51% stake in the company. Post the closing, the number of shares will increase from 230,000 to 5,010,000 and GS Engineering & Construction Corporation will hold 49% stake in the company.

The shares will be issued at a premium. The company will issue 20.7826087 shares per 1 existing share. The subscription and the payment date is February 25, 2022.

The transaction has been approved by the board of directors of the company and Xi S&D Inc.