Hydrogen Power. Co., Ltd. announced that it expects to receive KRW 28 billion in funding from Sambo Industrial Co., Ltd.
October 23, 2012 at 12:00 am EDT
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Hydrogen Power. Co., Ltd. announced that it will raise KRW 28,002,970,000 in funding from existing investor and largest shareholder, Sambo Industrial Co., Ltd. on October 23, 2012. The investor presently holds 11.9% stake in the company. On completion of the transaction, the investor will have 69.17% stake in the company. The company had total assets of KRW 45,741,000,000, total liabilities of KRW 54,467,000,000, negative total stockholders' equity of KRW 8,726,000,000, total revenues of KRW 60,205,000,000, and net loss of KRW 2,207,000,000 in 2011.
On January 9, 2013, the company announced that it will issue 75,588,435 shares at KRW 500 per share by third party allotment for gross proceeds of KRW 37,794,217,500. The transaction is expected to close on January 10, 2013. 50% of the new shares being issued will be locked up by Korea Securities Depository for a year.
SAMBO Industrial Co., Ltd. is a Korea-based company principally engaged in the manufacture and sale of aluminum alloy. The Company operates its business through three segments. The Aluminum Alloy segment produces aluminum alloy bars. The Automotive Part segment manufactures automotive parts including engine cases, transmission parts, steering systems, among others. The Broadcasting Program segment involves in the broadcasting program sales and distribution business.