Seong An Materials Co.,Ltd announced that it expects to receive KRW 5 billion in funding
June 09, 2024
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Seong An Materials Co.,Ltd announced a private placement to issue 5% Series 8 Bearer-Bearing Interest-Bearing, Unsecured Private Placement Convertible Bonds due July 30, 2027 for the gross proceeds of KRW 2,500,000,000 and 5% Series 7 Bearer-Bearing Interest-Bearing, Unsecured Private Placement Convertible Bonds due July 11, 2027 for the gross proceeds of KRW 2,500,000,000; aggregate gross proceeds of KRW 5,000,000,000on June 10, 2024. The transaction will include participation from new investor International Culture Club Co., Ltd. The bonds are 100% convertible into 1,785,714 shares at an issue price of KRW 1,400 per share from July 30, 2025 to June 30, 2027. The bonds bear 5% coupon rate, 9% maturity rate and matures on July 30, 2027. The transaction has been approved by shareholders, restricted to a hold period and is expected to close on July 30, 2024.
Series 7 bonds - The transaction will include participation from new investor International Culture Club Co., Ltd. The bonds are 100% convertible into 1,785,714 shares at an issue price of KRW 1,400 per share from July 11, 2025 to June 11, 2027. The bonds bear 5% coupon rate, 9% maturity rate and matures on July 30, 2027. The transaction has been approved by shareholders, restricted to a hold period and is expected to close on July 11, 2024.
Seong An Materials Co Ltd, formerly SEONGAN CO., Ltd., is a Korea-based company principally engaged in the manufacture and distribution of polyester fabrics. The Companyâs products include knit products, polyester filament yarns, polyester spun yarns, high twist fabrics, silky fabrics, spandex fabrics, sizing fabrics, various melange fabrics, breathable fabrics, mechanical fabrics, performance knit fabrics, ultra-light weight fabrics and others used for manufacturing apparels, curtains and bed covers under the brand name STARTEX and SOFSIL. The Company is also engaged in the wholesale of fabrics and dyes, as well as rental business and management business. The Company distributes its products within domestic market and to overseas markets.
SEONG AN MATERIALS CO.,LTD 
