Namkwang Engineering & Construction Co., Ltd. (KOSE:A001260) announced a private placement of 6,400,000 common shares at a price of KRW 5,000 per share for gross proceeds of KRW 32,000,000,000 through third-party allotment on December 18, 2015. The transaction will include participation from Sei Woon Construction Co., Ltd. for 2,200,000 shares, KumKwang Engineering & Construction Co., Ltd. for 2,000,000 shares, Oil Land Co., Ltd. for 1,100,000 shares, Bong Myoung-Cheol for 1,000,000 shares and Cho Ki-Boong for 100,000 shares. The transaction has been approved by the board of directors of the company.

The payment date of the transaction is December 23, 2015. The half of the shares are subject to a lock-up period of 6 months and the other half is subject to a lock-up period of 1 year.