Yong Won Development Co., Ltd. announced that it has received KRW 25 billion in funding from MH Ethanol Co.,Ltd.
October 29, 2017
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Yong Won Development Co., Ltd. announced a private placement of 38,810 shares at a price of KRW 644,164 per share for gross proceeds of KRW 25,000,004,840 on October 30, 2017. The transaction includes participation from returning investor, MH Ethanol Co.,Ltd. (KOSE:A023150). The investor will now hold 51% stake in the company and 49,960 shares. The shares are issued through third party capital increase method. The transaction has been approved by the board of directors of the company. The company reported total assets of KRW 351,119,031,473, total liabilities of KRW 294,286,701,825, net assets of KRW 56,832,329,648, operating revenue of KRW 19,073,409,144, and net profit of KRW -3,856,842,160 for the year ended December 31, 2016.
MH ETHANOL CO., LTD. is a Korea-based company mainly engaged in the manufacture and distribution of alcoholics. The Company produces fermented alcoholics and refined alcoholics, which are used for making distilled spirits. It is also engaged in the production of bio-ethanol and alcohols used for fuels through its subsidiary MH Bio Energy, and tapioca chips and roots used for bio-ethanol manufacturing through its subsidiary CJ Cambodia. The Company also involves in the distillation machinery and facility manufacturing through its affiliated company MH Bio-Tech. In addition, it involves in the real estate rental business. The Company distributes its products within domestic market and to overseas market.