Kolon BASF innoPOM, Inc. announced a private placement of 400,000 shares at KRW 57,485 per share for gross proceeds of KRW 22,994,000,000 on April 27, 2016. Each share has a face value of KRW 5,000 per share and will be issued at premium. The transaction will include participation from returning investor Kolon Plastics, Inc (KOSE:A138490) for 200,000 shares to maintain its 50% stake in the company.

The company has issued a total of 440,000 shares till date. The company will issue 0.9090909 new shares for each existing share held. Pursuant to the transaction, the investors will acquire 47.619047% stake in the company.

The subscription date will start and end on June 24, 2016. The payment date for the transaction is June 24, 2016. The transaction was approved by the board of directors of the company.