Kolon BASF innoPOM, Inc. announced that it expects to receive KRW 49.07 billion in funding from Kolon Plastics, Inc and other investors
August 21, 2016
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Kolon BASF innoPOM, Inc. announced a private placement of 880,000 shares at KRW 55,760 per share for gross proceeds of KRW 49,068,800,000 on August 22, 2016. The company will issue shares at premium of KRW 50,760. The transaction will include participation from returning investors including Kolon Plastics, Inc (KOSE:A138490) for 440,000 shares to maintain its 50% stake in the company by receiving 73,671 shares by making payment in form of 58,684.6 square meters land and 292,658 shares in form of cash. The share capital of the company will increase from 840,000 common shares to 1,720,000 common shares. The transaction was approved by the board of directors of the company. The record date for 440,000 new shares is September 26, 2016 and remaining 440,000 common shares is October 25, 2016. The number of shares allocated per one existing share is 0.8675595. The company will issue shares in two tranches. The payment date for first tranche is September 26, 2016 and payment date for second tranche is October 25, 2016. The dividend payout date of new shares is January 1, 2016. The scheduled subscription date for first tranche shares is September 26, 2016 and for second tranche shares is October 25, 2016.
KOLON PLASTICS, INC. is a Korea-based company engaged in the manufacture and marketing of engineering plastics. The Companyâs products mainly consist of polyamide (PA) products under the brand name of KOPA, which are used in the manufacture of automobiles and industrial parts; polybutylene terephthalate (PBT) products under the brand name of SPESIN, which are used in electricity and electronic industries, and polyoxymethylene (POM) products under the brand name of KOCETAL, which are used for various purposes, such as cars, office equipment and living materials. It also provides polyethylene terephthalate (PET), polyphenylene sulfide (PPS) and other engineering plastics. The Company distributes its products within domestic market and to overseas markets.
KOLON ENP 
