RFTECH Sells 910,747 Shares of Subsidiary RFTECH Bio, Changes Control, Secures 20B KRW Cash for Core Business Expansion
RFTECH decided to sell 910,747 shares (approx. 20B KRW, at 21,960 won per share) of its subsidiary RFTECH Bio to Access Bio Inc., representing 8.99% of its equity.
RFTECH Bio will issue 3,369,763 new shares (at 10,980 won per share, approx. 37B KRW) to Access Bio, making Access Bio the new largest shareholder. RFTECH will become the second largest shareholder with 18.37%.
The purpose is to recover part of investment and secure funds for expansion of core 5G/broadcasting/wireless communication equipment manufacturing. Also, a call option for up to 489,939 shares granted to buyer within 3 years.
[AI Summary]This strategic divestment of non-core subsidiary shares generates ~20B KRW cash to strengthen the main business, positive for short-term financial health and growth funding. However, losing control of the subsidiary may limit indirect benefits from the bio sector, warranting a neutral long-term view.
KOSDAQ Filing Information
Filing: [Correction of Description] Decision on Disposal of Stocks and Equity Securities of Other Corporations