Singsong Industrial Co., Ltd. announced that it expects to receive KRW 12.95976 billion in funding from Singsong Holdings Co., Ltd.
September 07, 2020
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Singsong Industrial Co., Ltd. announced a private placement of 220,000 shares at a price of KRW 58,908 per share for gross proceeds of KRW 12,959,760,000 on September 8, 2020. The transaction will involve participation from returning investor Singsong Holdings Co., Ltd. (KOSE:A006880). The investor will continue to hold 100% stake in the company. The shares will have a face value of KRW 5,000 and will be issued at a premium. The transaction will take place through shareholder allocation increase. The company will issue 0.3666667 per existing share held by the investor. Post completion of the transaction, the number of issued common shares of the company will increase from 600,000 shares to 820,000 shares. The stock allocation base date is September 22, 2020 and payment date is September 23, 2020. The transaction has been approved by the investor's board of directors.
SingSong Holdings Co Ltd is a Korea-based holding mainly engaged in the trade of grains. The Company operates its business through five segments. The Overseas Business segment engages in trade business such as import and export of grains abroad. The Food Business segment manufactures and sells soy sauce, soybean paste, red pepper paste, ssamjang, chunjang, and sesame oil. The Investment Real Estate segment engages in the building rental business. The Material Business segment is engaged in manufacture and sale of tapioca starch, import and export of agricultural products, and real estate management. The Holding Business segment holds and manages the stocks of its subsidiaries.
SINGSONG HOLDINGS CO.,LTD. 
