Tong-Yeoung Eco Power Co., Ltd. announced a private placement of 10,600,000 shares of par value, KRW 5,000 at a price of KRW 5,000 per share for gross proceeds of KRW 53,000,000,000 on March 16, 2022. The transaction will include participation from Hanwha Engineering & Construction Corp. for 1,378,000 shares and existing investor HDC HOLDINGS CO.,Ltd for KRW 46,110,000,000 to hold 66.98% stake in the company.

The company is issuing shares through third party allocation method. The transaction has been approved by the board of directors. The payment date is March 21, 2022.

Prior to the transaction, the company has 32,760,000 shares issued.