Heung-A Shipping Co., Ltd. announced that it expects to receive KRW 9.00297 billion in funding from Fairmont Partners Limited, Realtdi Partners Ltd
May 22, 2019
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Heung-A Shipping Co., Ltd. (KOSE:A003280) announced a private placement of 15,030,000 common shares of par value KRW 500 at an issue price of KRW 599 for gross proceeds of KRW 9,002,970,000 on May 23, 2019. The transaction will include participation from returning investor Fairmont Partners Limited for 6,680,000 shares and Realtdi Partners Ltd. for 8,350,000 shares. The shares will be issued at 10% discount. The shares will be issued through third party allocation method. The securities issued in the transaction will be subject to a lock up period of one year. Post the capital increase, the total issued share capital of the company will be 175,643,430. The transaction was approved by the board of directors of the company. The transaction is expected to close on June 7, 2019.
HEUNG-A SHIPPING CO.,LTD is a Korea-based company engaged in the marine transportation business. The Company mainly provides its marine transportation services through two divisions: container carrier division and tanker division. Its container carrier division transports cargoes using full container vessels to Japan, China and South East Asia. Its tanker division transports liquefied bulk cargoes, such as organic and inorganic chemicals, vegetable and fat oils, acid products, clean petroleum products and others using chemical tanker vessels to East Asia, South East Asia, India and Middle East Asia. It is also engaged in the provision of container yard (CY) services and real estate rental business.