Daeho Al Co.,Ltd. announced that it expects to receive KRW 1.7 billion in funding
October 26, 2020
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Daeho Al Co.,Ltd. (KOSE:A069460) announced a private placement of round 15 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 1,700,000,000 on October 27, 2020. The transaction will include participation from individual investors Heo Dongjin for KRW 1,000,000,000, Hong Jinwoo for KRW 440,000,000 and Kim Gyeongnam for KRW 260,000,000. The bonds bear a coupon rate and yield to maturity of 4% and will mature on October 28, 2023. The bonds are 100% convertible into 821,256 common shares at a conversion price of KRW 2,070 per share. The conversion period of the bonds starts on October 28, 2021 and ends on September 28, 2023. The transaction has been approved by the board of directors of the company. The subscription date is on the same day and the payment is October 28, 2020.
DAEHO AL CO.,LTD. is a Korea-based company mainly engaged in the manufacturing and distribution of aluminum products. The Company mainly provides aluminum circle sheets, which are used for kitchenware, and aluminum coils used for electricity and electronic products and automobile parts. It is also engaged in the provision of steel products for construction and structural products. In addition, the Company is involved in the processing business for railroad cars. The Company distributes its products within domestic market and to overseas markets.