Daesung Eltec Co., Ltd. announced that it has received KRW 17 billion in funding from STIC Investments, Inc.
August 02, 2013 at 12:00 am
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Daesung Eltec Co., Ltd. (KOSE:A025440) announced a private placement of unregistered unsecured round no. 4 private convertible debentures for gross proceeds of KRW 17,000,000,000 on July 9, 2013. The bonds will have a yield to maturity of 6.5%. The bonds will mature on August 2, 2018 and will be 100% convertible at KRW 800 per share. The subscription period for conversion will be from February 2, 2015 to July 19, 2018. The bonds will be subscribed by STIC Shariah Private Equity Fund III L.P. and STIC Private Equity Fund III L.P., which are funds managed by STIC Investments, Inc. STIC Shariah Private Equity Fund III L.P. and STIC Private Equity Fund III L.P. will subscribe to proceeds of KRW 2,550,000,000 and KRW 14,450,000,000 respectively. The payment date for the transaction will be August 2, 2013. The transaction was approved by the board of directors of the company.
On August 2, 2013, Daesung Eltec Co., Ltd. closed the transaction.
DHAutoware Co Ltd, formerly Daesung Eltec Co Ltd is a Korea-based company mainly engaged in the manufacture of electronic products primarily used in automobiles. The company is principally engaged in the manufacture and sale of car audio, video, navigation and communication. In addition, the Company is engaged in manufacture and sale of audio front panels and monitors used in automobiles. The Company sells its products in domestic and overseas markets. Customers include Hyundai Mobis, Renault Samsung Motors, Alpine, Renault, Saudi ALJ and Vietnam Taco.