Sungbo Industries Co., Ltd. announced a private placement of 200,000 common shares at a price of KRW 10,000 per share for gross proceeds of KRW 2,000,000,000 on May 17, 2018. The transaction will involve participation from existing investor J way Co., Ltd. (KOSDAQ:A058420). The shares will be issued by a way of third party allotment. The transaction is expected to close on May 18, 2018. The transaction was approved by the board of directors of the company.