Sejong Telecom, Inc. Receives 28 Billion Won Infusion from Largest Shareholder… Hits Daily Price Limit for Two Consecutive Trading Days [Featured Stock]
[Edaily Reporter Kim Kyung-eun ] Sejong Telecom, Inc.(036630)hit the daily price limit for the second consecutive trading day. News that the company would raise 28 billion won from its largest shareholder served as a positive catalyst.
As of 9:25 a.m. on the 8th, Sejong Telecom, Inc. is trading at 9,690 won, up 1,490 won (18.17%) from the previous trading day. At one point during the session, the stock rose to 10,660 won, hitting the daily price limit for the second consecutive trading day following the previous day.
Sejong Telecom, Inc. announced on the 6th that it had decided to conduct a third-party private placement worth 28 billion won, targeting its largest shareholder, Daesang.
A total of 4 million common shares will be issued. The issue price is 7,000 won per share, and the new shares are scheduled to be listed on the 29th. Of the funds raised, approximately 22 billion won will be used for working capital, and 6 billion won will be used for capital expenditures.
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