Ecovance Co., Ltd. announced that it expects to receive KRW 4.7 billion in funding from Daesang Corporation, SKC Co., Ltd.
December 20, 2023
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Ecovance Co., Ltd. announced a private placement and it will issue 1,230 common shares at an issue price of KRW 10,000,000 per share for gross proceeds of KRW 12,300,000,000 on December 21, 2023. The transaction will include participation from returning investors, Daesang Corporation for 760 common shares, and SKC Co., Ltd. for 470 common shares. The company will receive funding through third party allocation method. The transaction is expected to close on January 5, 2024. The transaction is approved by the board of directors of the company.
On Same date, the company amended the terms of the transaction. The company will issue 470 common shares at an issue price of KRW 10,000,000 per share for gross proceeds of KRW 4,700,000,000. The transaction will include participation from returning investors SKC Co., Ltd. for 470 common shares and hold 65.75% stake in the company.
Daesang Corp is a Korea-based company mainly engaged in the manufacture and sale of food. The Company operates its business through two segments. The Food Business segment mainly manufactures and sells food including traditional bean pastes, seasonings, western foods, sugars, processed meats, frozen foods, fresh foods, and others. The segment also engages in the distribution and sale of food materials including agricultural products, aquatic products, livestock products, industrial products, and others. The Ingredient Business segment mainly produces raw materials food including starch, sugar, bio products, lysine, and others.
DAESANG CORPORATION 
