Eusu Logistics Co., Ltd. announced that it expects to receive KRW 17.5 billion in funding from Eusu Holdings Co., Ltd.
February 11, 2018
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Eusu Logistics Co., Ltd. announced a private placement of 3,500,000 common shares at a price of KRW 5,000 per share for gross proceeds of KRW 17,500,000,000 on February 12, 2018. The transaction will involve participation from existing investor Eusu Holdings Co., Ltd. (KOSE:A000700). Post the closing of the transaction, the total number of shares issued by the company will increase from 3,399,533 to 6,899,533 and the investor will continue to retain its 100% stake in the company. The shares will be issued at par. The company will issue 1.0295532 new shares for each existing share. The transaction is expected to close on February 28, 2018. The transaction has been approved by the board of directors of the investor.
EUSU HOLDINGS, formerly HANJIN SHIPPING HOLDINGS CO., LTD., is a Korea-based holding company engaged in the management of its subsidiaries. It along with its subsidiaries, mainly operates in two business divisions: shipping division, which involves in the container and bulk marine transportation through its subsidiary HANJIN SHIPPING CO., LTD., covering North America, Europe, the Pacific Ocean and the Atlantic Ocean sea routs, and operation of terminals, as well as information technology (IT) division, which involves in the provision of IT services and solutions for marine transportation and logistics, through its subsidiary CyberLogitec Co.,Ltd.