Eusu Logistics Corporation announced that it expects to receive KRW 18.8 billion in funding from Eusu Holdings Co., Ltd.
November 20, 2018
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Eusu Logistics Corporation announced a private placement of 3,760,000 common shares at a price of KRW 5,000 per share for gross proceeds of KRW 18,800,000,000 on November 21, 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 6,899,533 to 10,659,533 and the investor will continue to retain its 100% stake in the company. The transaction is expected to close on November 30, 2018. The transaction has been approved by the board of directors of the investor. The company reported total assets of KRW 88,441,275,782, total liabilities of KRW 68,138,341,695, total capital of KRW 20,302,934,087, capital of KRW 16,997,665,000, Sales amount of KRW 233,074,759,705, and net loss of KRW -25,528,882,326 for the year ended December 31, 2017.
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.