Doowon Precision Industry Co., Ltd. announced that it expects to receive KRW 1.05 billion in funding from Sun-Machinery Co.,Ltd and other investors
October 16, 2016
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Doowon Precision Industry Co., Ltd. announced a private placement of 209,980 common shares at KRW 5,000 per share for gross proceeds of KRW 1,049,900,000 on October 17, 2016. The number of issued shares of the company will increase from 1,581,840 shares to 1,791,820. The investors will acquire 11.718811% stake in the company. The round will include participation from returning investor Sun Machinery Co., Ltd. for 8.390229% stake in the company and hold 33.18% stake in the company after the transaction. The transaction is expected to close by November 25, 2016. The board of directors of the company has approved the transaction.
The company reported total assets of KRW 39,552,000,000, total liabilities of KRW 19,918,000,000, stakeholders’ equity of KRW 19,634,000,000, capital of KRW 7,909,000,000, sales of KRW 85,759,000,000, and net profit of KRW -7,923,000,000 for the year ended December 31, 2015.
Sun Machinery Co., LTD is a Korea-based company mainly engaged in the production and sale of automobile parts. The main products include exhaust gas recirculation housing, stabilizer cab mounting assemblies, hydraulic power brake assemblies, arm Idler assemblies. The hydraulic power brakes are major parts of the chassis segment of commercial vehicles such as large buses, trucks and specially designed vehicles. In addition, the Company is involved in the manufacturing and sale of commercial castings, forgings, as well as medical equipments such as electric beds. The Company distributes its products within the domestic market and to overseas markets, including America.
SUN MACHINERY CO., LTD 
