SEOUL– Taihan Electric Wire Co.on Wednesday announced that it will sell stocks to raise 500.5 billion won(US$419.9 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 388 million common shares at a price of 1,290 won per share. The stocks will be sold to the firm’s shareholders.
Source: Yonhap News Agency