FNC Academy Co., Ltd. announced that it has received KRW 1 billion in funding from FNC Entertainment Co., Ltd.
December 09, 2014 at 11:00 pm EST
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FNC Academy Co., Ltd. announced a private placement of 200,000 common shares at KRW 5,000 per share with existing investor FNC Entertainment Co., Ltd. for gross proceeds of KRW 1,000,000,000 on December 10, 2014. The company issued 1.0037692 shares for each share held by the investor. The investor continues to hold 100% stake in the company. The payment date of the transaction is December 10, 2014. On the same date, the transaction was approved by the board of directors of the company. The company reported total assets of KRW 908,000,000, total liabilities of KRW 1,016,000,000, total stockholder's equity of -KRW 108,000,000, sales revenue of KRW 1,320,000,000, and net loss of KRW 158,000,000 for the year ended December 31, 2013.
On December 10, 2014, FNC Academy Co., Ltd. closed the transaction.
FNC ENTERTAINMENT Co., Ltd. is a Korea-based company principally engaged in the entertainment business. The Company operates its business through five divisions: concert division, merchandising division, music division, management division and other business division. Its concert division engages in the planning, production and operation of concerts. Its merchandising division engages in the distribution of souvenirs and accessories about artists. Its music division involves in the planning, production and distribution of phonograph records and provision of sound sources. Its management division involves in the broadcasting, and provision of dramas and advertising services. Its other business division involves in the operation of fan clubs.