Seoul: Hyungji Global Co. on Tuesday announced that it will sell stock to raise 20.5 billion won (US$13.9 million). The proceeds from the stock sale will be used mainly to pay off its debts.
According to Yonhap News Agency, a regulatory filing reveals that the company will issue 6 million common shares at a price of 3,420 won per share. The stock will be sold to the firm's shareholders.