PMC Tech announced that it has received KRW 86.76 billion in funding from Posco Chemtech Company, Ltd.
On the same day the company closed the first tranche of the transaction. The company raised KRW 28,900,000,000 and Posco Chemtech Company, Ltd. will continue to hold 60% stake in the company.
On January 8, 2013, the company announced that the board of the company approved the transaction. The company will raise KRW 38,160,000,000 in the second tranche.
On January 29, 2013, PMC Tech closed the transaction. The company received KRW 86,760,000,000. Remaining tranches were expected to close in April 2013, and July 2013.