Pyeongtaek Eastern Road Co. Ltd announced that it expects to receive KRW 12.5994 billion in funding from Handong Construction Co., Ltd., Hanjin Heavy Industry Co. Ltd., Halla Corporation
Pyeongtaek Eastern Road Co. Ltd announced a private placement of 2,519,880 shares at a price of KRW 5,000 per share for the gross proceeds of KRW 12,599,400,000 on July 19, 2019. The transaction will include participation from existing investor Halla Corporation (KOSE:A014790) for 1,511,880 shares, new investors Handong Construction Co., Ltd. for 252,000 shares and Hanjin Heavy Industry Co. Ltd. for 756,000 shares. Halla Corporation currently holds 100% stake and will invest KRW 7,559,400,000 and total amount of investment would be KRW 7,560,000,000. The transaction has been approved by Halla Corporation (KOSE:A014790). The first tranche will close on July 31, 2019 and second tranche will close in October 2019.