Pusan Cast Iron Co., Ltd. announced a private placement of 5,854,000 shares at an issue price of KRW 500 per share for proceeds of KRW 2,927,000,000 in funding on April 5, 2023. The transaction will include participation from New Wolrd Shipping Co., Ltd., Seodo Commercial & Shipping Co., LTD. for 1,000,000 shares each, Samjin Electro Metallurgie Co., Ltd. for 200,000 shares, Magic Solution Co., Ltd for 400,000 shares, Gunho Noh, Seo-eun Jang for 400,000 each, Kyung-Pil Ahn for 1,000,000 and Busan Jugong Employee Stock Ownership Association for 1,454,000 shares. The transaction is expected to close on April 13, 2023.

The transaction was approved by the board of directors of the company. The company will receive funding through 3rd party allocation.