Fortis, Inc. announced a private placement to issue series 25 unregistered unguaranteed private convertible bonds for the gross proceeds of KRW 7,000,000,000 on January 25, 2022. The transaction will include participation from Dae-cheol Shin. The bonds will carry rate of interest of 0% per annum.

The bonds will mature on January 26, 2025. The bonds are fully convertible into 14,000,000 shares at a conversion price of KRW 500 per share. The conversion period will start from January 26, 2023 and ends on December 26, 2024.

The transaction expected closing date and subscription date is January 26, 2022. The transaction has been approved by the board of directors of the company.