Seong An Textile S.A.E announced that it has received KRW 1.77 billion in funding from Seong An co., Ltd
August 02, 2016
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Seong An Textile S.A.E announced a private placement of 16,000 shares at KRW 110,890 per share for gross proceeds of KRW 1,774,240,000 on August 3, 2016. The transaction included participation from returning investor, Seong An co., Ltd (KOSE:A011300). Seong An co., Ltd will hold 68% stake in the company after the transaction. The board of directors of the investor has approved the transaction.
The company reported total assets of KRW 1,518,000,000, total liabilities of KRW 141,000,000, total stockholders' equity of KRW 1,425,000,000, and stockholders' equity of KRW 1,640,000,000 for the year ended December 31, 2015.
Seong An Materials Co Ltd, formerly SEONGAN CO., Ltd., is a Korea-based company principally engaged in the manufacture and distribution of polyester fabrics. The Companyâs products include knit products, polyester filament yarns, polyester spun yarns, high twist fabrics, silky fabrics, spandex fabrics, sizing fabrics, various melange fabrics, breathable fabrics, mechanical fabrics, performance knit fabrics, ultra-light weight fabrics and others used for manufacturing apparels, curtains and bed covers under the brand name STARTEX and SOFSIL. The Company is also engaged in the wholesale of fabrics and dyes, as well as rental business and management business. The Company distributes its products within domestic market and to overseas markets.