SEOUL, Cherrybro Co. on Friday announced that it will sell stocks to raise 34 billion won(US$30 million). The proceeds from the stock sale will be used mainly to pay off its debts.
According to a regulatory filing, the company will issue 19 million common shares at a price of 1,790 won per share. The stocks will be sold to the firm’s shareholders.
Source: Yonhap News Agency