Nongshim Baeksansoo CO., Ltd announced that it has received KRW 40 billion in funding from NongShim Co. Ltd.
December 21, 2014 at 11:00 pm EST
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Nongshim baeksansoo co., Ltd. announced a private placement of 1,234,567 common shares to Nongshim Co., Ltd at a price of KRW 32,400 per share for gross proceeds of KRW 39,999,970,800 on December 18, 2014. Nongshim Co., Ltd will hold 88.96% stake after the transaction. On the same date, the transaction was approved by the board of directors of the company. The acquisition date for the transaction is December 22, 2014. The company reported total assets of KRW 91,121,000,000, total liabilities of KRW 156,000,000, total stockholder's equity of KRW 90,965,000,000, and net loss of KRW 550,000,000 for the year ended December 31, 2013.
On December 22, 2014, Nongshim baeksansoo co., Ltd. closed the transaction.
Nongshim Co Ltd is a Korea-based company principally engaged in the manufacture and sale of instant noodles. The Companyâs products consist of instant noodles in the forms of packs, cups and bowls under brand names of shinramyun, ansung tang myun, chapagetti, neoguri and others; snacks, including shrimp crackers, honey twist snacks, cuttlefish snacks, onion rings, potato chips, sweet potato chips, pizza snacks and others; instant rice series, as well as beverages, such as fruit drinks, carbonated drinks, coffee and bottle water, and other food products. The Company distributes its products in domestic and overseas markets.
NONGSHIM CO., LTD. 
