Woongjin Energy Co., Ltd. (KOSE:A103130) announced a private placement of 2,000,000 shares at a price of KRW 5,000 per share for gross proceeds of KRW 10,000,000,000 on March 6, 2017. The transaction will include participation from new investor Hanwha Chemical Corporation (KOSE:A009830). The transaction has been approved by the board of directors of the company.

The company will issue shares at par. The shares will be issued through third party allotment. Upon completion of the completion of the transaction, the company's total shares will increase from 24,889,719 shares to 26,889,719 shares.

The transaction is expected to close on March 8, 2017. The investor will acquire 8.04% stake in the company through this transaction. The securities issued are subject to hold period of one year.