Beijing Sejin Motor Construction Co., Ltd. announced that it will receive KRW 968,880,000 in an equity round of funding on March 21, 2022. The transaction will include participation from returning investor Saedong Co.,Ltd. retain its 100% stake in the company. The transaction is by way of shareholder allocation increase.

The transaction will be competed in equal multiple tranches for KRW 193,776,000. The company will receive first tranche on March 22, 2022, second on April 29, 2022, third on May 31, 2022, fourth on June 30, 2022 and final on July 29, 2022. The payment date for the shares is expected on July 29, 2022.

The transaction has been approved by board of directors of the company.