Woongjin Energy Co., Ltd. (KOSE:A103130) announced a private placement of 3,718,919 common shares at an issue price of KRW 8,030 for gross proceeds of KRW 29,862,919,570 on January 15, 2018. The transaction will involve participation from Woongjin Co., Ltd. (KOSE:A016880). Post the closing of the transaction, the shares issued by the company will increase from 25,636,315 to 29,355,234.

The expected payment date of the transaction is January 16, 2018. The shares will be issued at a premium and will be issued through third party allotment method. The shares that are issued in the transaction will be subject to a hold period of one year.

The transaction was approved by the board of directors of the company.