FIRSTEC Co., Ltd announced that it expects to receive KRW 16 billion in funding from a group of investors
July 24, 2018
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FIRSTEC Co., Ltd (KOSE:A010820) announced a private placement of 31st series unregistered unguaranteed private convertible bonds for gross proceeds of KRW 16,000,000,000 on July 25, 2018. The transaction will involve participation from KDB Capital Corporation, Investment Arm for KRW 3,000,000,000, Industrial Bank of Korea, Investment Arm and IBK Capital Corporation for KRW 2,000,000,000 each, and other investors. The bonds will mature on July 27, 2023. The bonds are 100% convertible into common shares at a price of KRW 3,250 from July 27, 2019 to June 27, 2023. The transaction will close on October 27, 2018. The transaction has been approved by the board of directors of the company.
FIRSTEC Co., Ltd is a Korea-based company principally engaged in the defense business. The Company's defense products are aerospace products, such as simulators, cockpit panels, control display units, landing lights, attitude control systems and others; guided weapon, such as actuation systems, fire control systems, guidance control systems, fuel propulsion systems and others; ground weapon, such as driving and control unites, speed sensor kits, electrical kits and others; maritime weapon, and unmanned systems such as navigation devices. It is also engaged in the development and manufacture of security service systems, such as vision gate systems, vision recon systems, vision office systems and vision safe systems.