Kolon BASF innoPOM, Inc. announced that it expects to receive KRW 49.07 billion in funding from Kolon Plastics, Inc and other investors
August 21, 2016
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Kolon BASF innoPOM, Inc. announced a private placement of 880,000 shares at KRW 55,760 per share for gross proceeds of KRW 49,068,800,000 on August 22, 2016. The company will issue shares at premium of KRW 50,760. The transaction will include participation from returning investors including Kolon Plastics, Inc (KOSE:A138490) for 440,000 shares to maintain its 50% stake in the company by receiving 73,671 shares by making payment in form of 58,684.6 square meters land and 292,658 shares in form of cash. The share capital of the company will increase from 840,000 common shares to 1,720,000 common shares. The transaction was approved by the board of directors of the company. The record date for 440,000 new shares is September 26, 2016 and remaining 440,000 common shares is October 25, 2016. The number of shares allocated per one existing share is 0.8675595. The company will issue shares in two tranches. The payment date for first tranche is September 26, 2016 and payment date for second tranche is October 25, 2016. The dividend payout date of new shares is January 1, 2016. The scheduled subscription date for first tranche shares is September 26, 2016 and for second tranche shares is October 25, 2016.
Kolon ENP Inc, formerly Kolon Plastics Inc, is a Korea-based company engaged in the manufacturing and sales of engineering plastics. The Company's products include polyoxymethylene (POM) and compound products. The Company is engaged in the production and sales of polyoxymethylene(POM), polyamide, and polybutylene terephthalate(PBT), among the five engineering plastics, as well as polyelastomer(PEL) and polyphenylene sulfide(PPS). The KOCETAL brand consists of polyoxymethylene products used in a variety of applications such as automobiles, office equipment and household goods. The Company distributes its products within domestic market and to overseas markets.