KC Fresh Agriculture Co., Ltd. announced that it has received KRW 16 billion in funding from KC Feed Co., Ltd.
September 29, 2014 at 05:00 am
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KC Fresh Agriculture Co., Ltd. announced a private placement of 3,200,000 shares at KRW 5,000 per share for gross proceeds of KRW 16,000,000,000 on September 25, 2014. The transaction will include participation from returning investor KC Feed Co., Ltd. Post transaction investor will hold 96% stake in the company. Expected settlement date for transaction is September 29, 2014. The scheduled subscription period for the shares will commence on September 25, 2014 and end on September 29, 2014. The company will issue 4 new shares for 1 existing share in the company. The transaction was approved by the board of directors of the investor on the same date. The company reported total assets of KRW 24,710,000,000 total liabilities of KRW 24,680,000,000, total stockholders' equity of KRW 30,000,000, revenue of KRW 91,000,000, and net loss of KRW 2,335,000,000 for the year ended December 31, 2013.
On September 29, 2014, KC Fresh Agriculture Co., Ltd. closed the transaction.
KC Feed Co., Ltd. is a Korea-based company mainly engaged in the manufacturing of formula feeds for animals. The Company's formula feeds are used for chicken, pigs, cows and quails. In addition, the Companyâs affiliated companies are KC Farm, which is engaged in the operation of layer chicken farms; KC Finance, which is engaged in the provision of financial services, and KC Fresh, which is engaged in the egg processing business.