POS-HiAL Co., Ltd announced that it has received KRW 4.56 billion in funding from Posco M-Tech Co., Ltd.
November 06, 2012 at 11:00 pm EST
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POS-HiAL Co., Ltd announced that it will raise KRW 4,559,445,000 in an equity round of funding from returning investor, Posco M-Tech Co., Ltd. on November 5, 2012. The company will issue 911,889 shares at KRW 5,000 per share in the transaction. The investor has a preemptive right to subscribe to the new shares in the transaction. The company will issue 0.4122495 new shares for every one existing share. The payment date is November 7, 2012. After closing of the transaction, the investor will hold 65.3% stake in the company. The transaction was approved at the company's board of directors meeting.
On November 7, 2012, POS-HiAL Co., Ltd closed the transaction.
POSCO M-TECH CO.,LTD. is a Korea-based company mainly engaged in the provision of steel raw materials and packing materials. The Company operates its business through four divisions: steel raw materials division, packing business division, engineering business division and magnesium division. Its steel raw materials division provides aluminum ingots, pellets, mini-pellets, molybdenum briquette and ferro-molybdenum. Its packing business division provides packaging materials, packaging services and packing equipment. Its engineering division distributes packaging equipment, such as steel coil packaging lines, steel sheet dispensers, strap masters, outer-ring molders, steel automatic attaching facilities and others. Its magnesium division operates magnesium smelting factories. The Company also involves in the real estate rental business.