Namsung Corp. announced that it expects to receive KRW 10 billion in funding from BNK Securities Co., Ltd., Investment Arm, Shinhan Investment Corp., Investment Arm, SUSUNG ASSET MANAGEMENT Co., Ltd. and other investors
July 20, 2021
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Namsung Corp. announced a private placement of 29th unregistered coupon nonguaranteed private exchangeable bonds for gross proceeds of KRW 10,000,000,000 on July 21, 2021. The transaction will involve participation from BNK Securities Co., Ltd., Investment Arm for KRW 1,500,000,000, Shinhan Investment Corp., Investment Arm for KRW 1,000,000,000, Solon New Technology Association 12 for KRW 2,000,000,000, Eveo Research Co., Ltd., for KRW 500,000,000, Orion Mezzanine Multi-Strategy Hedge Fund 1 for KRW 500,000,000, Orion Luxury KOSDAQ Venture Hedge Fund 56 for KRW 500,000,000, Orion Mezzanine KOSDAQ Venture Hedge Fund 57 for KRW 500,000,000, NH Absolute Return Hedge Fund 1 for KRW 1,000,000,000 and NH Absolute Mezzanine Hedge Fund 2 for KRW 500,000,000, returning investor, SUSUNG ASSET MANAGEMENT Co., Ltd. for KRW 2,000,000,000. The bonds do not carry any coupon and would mature on July 23, 2026. The bonds will be issued at par. The bonds will be fully convertible into 2,438,429 equity shares of the company representing 6.67% stake at a fixed conversion price of KRW 4,101 per share between August 23, 2021 and June 23, 2026. The subscription and the payment date of the transaction is July 23, 2021. The transaction is approved by the board of directors of the company.
NAMSUNG CORPORATION is a Korea-based company mainly engaged in the exportation of electronic products. The Company operates in two business segments: digital electronic segment and distribution and leasing segment. Its digital electronic segment exports electronic products, including digital mobile audios, digital mobile videos, digital video disc (DVD) players, XM satellite radios, high-definition (HD) radios, navigations, liquid crystal display (LCD) monitors, wireless head phones, digital amplifiers and others. Its distribution and leasing segment operates department stores, and involves in the rental and leasing business. The Company distributes its products within domestic market and to overseas markets.
Namsung Corp. announced that it expects to receive KRW 10 billion in funding from BNK Securities Co., Ltd., Investment Arm, Shinhan Investment Corp., Investment Arm, SUSUNG ASSET MANAGEMENT Co., Ltd. and other investors