CHERRY FOOD CO.,LTD. announced that it expects to receive KRW 5 billion in funding from CHERRYBRO, CO.,Ltd
March 21, 2018
Share
Dong Yang General Food Co. Ltd. announced a private placement of 500,000 common shares at a price of KRW 10,000 per share for gross proceeds of KRW 5,000,000,000 on March 22, 2018. The transaction will involve participation from existing investor CHERRYBRO, CO.,Ltd (KOSDAQ:A066360). Post the closing of the transaction, the investor will hold 650,000 shares in the company comprising a stake of 68.42% from 33.33% stake. The transaction has been approved by the board of directors of the investor. The transaction is expected to close on March 27, 2018. The company reported total assets of KRW 13,248,000,000, total liabilities of KRW 6,290,000,000, revenue of KRW 5,852,000,000, and net loss of KRW 3,835,000,000 for the year ended December 31, 2017.
Cherrybro co.,Ltd is a Korea-based company principally engaged in the manufacture and distribution of meat products. The Company operates its business through three segments. Broiler segment is mainly engaged in the chicken slaughtering, simple processing and fresh meat secondary processing. Meat Processing and Distribution Segment is mainly engaged in the distribution of fresh meat and meat products. Breeding and Hatching Segment is mainly engaged in the breeding and hatching of broiler chickens. The Company distributes its products within domestic market and to overseas markets.
CHERRYBRO CO.,LTD 
