Seoryong Electronics becomes largest shareholder of Finger via 2,609,149 share third-party allotment (approx. 40% discount)
Finger conducted a third-party allotment capital increase targeting Seoryong Electronics, issuing 2,609,149 new shares, resulting in a change of the largest shareholder.
The estimated issue price is approximately KRW 11,500 (KRW 30 billion / 2,609,149 shares), a discount of about 40% from the current price of KRW 19,280.
The stake of the previous largest shareholder, Park Min-soo et al., fell from 29.17% to 24.60%, while Seoryong Electronics alone holds 21.98% as the new largest shareholder.
Seoryong Electronics financed the entire amount through borrowing (KRW 30 billion from H2 One First Co., secured by shares of Seongho Electronics).
Seoryong Electronics has also entered into an agreement to acquire KRW 38.5 billion of convertible bonds issued by Finger.
The new shares are subject to a one-year lock-up from the listing date.
Seoryong Electronics is wholly owned by Park Seong-jae, who is also the CEO of Seongho Electronics (listed on KOSDAQ).