Samsung Tape Co., Ltd. announced that it expects to receive KRW 5.10 billion in funding from Okong Corp.
March 21, 2014 at 04:00 am
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Samsung Tape Co., Ltd. announced that it intends to conduct a private placement with new investor, Okong Corp. on March 21, 2014. On the same date, the investor was selected as a priority bidder for the transaction and the investor paid the reservation of KRW 500,000,000 as the contract collateral guarantee deposit.
On April 28, 2014, the company announced that it will issue 1,020,000 common shares at KRW 5,000 per share for gross proceeds of KRW 5,100,000,000. The company will receive deposit of KRW 1,000,000,000 in its first close and balance of KRW 4,100,000,000 in second close. On the same date, the transaction was approved by the board of directors of the company. The company reported total assets of KRW 6,313,000,000, total stockholders' equity of - KRW 27,910,000,000, revenue of KRW 18,924,000,000, and net loss of KRW 4,088,000,000 for the year ended December 31, 2013.
On the same date, the company has received KRW 1,000,000,000 as deposit in its first close.
OKONG Corporation is a Korea-based company mainly engaged in the manufacture and distribution of adhesives and glazing agents together with its subsidiaries. The Companyâs products portfolio consists of vinyl acetate resin emulsion adhesives used for wood processing, interior decoration, wall paper and floor sticking, paper processing and others; synthetic rubber adhesives, which are for leathers, rubbers, automobile interiors and polyvinyl chloride (PVC) general use, and hot-melt adhesives used for sealing and bonding of automobile assemblies, lamps manufacturing, hygienic goods manufacturing and others. In addition, it involves in the manufacture of other adhesives and related items, such as epoxy resin based adhesives, cyanoacrylate, waxes, rubbing compounds, sealants, tapes and others. It also provides maintenance and repairing products, and engages in the real estate rental business. On June 16, 2014, it merged with Samsung tape co.ltd.
OKONG CORPORATION 
