Taewoong Co. Ltd. (KOSDAQ:A044490) announced a private placement of 2,500,000 shares at KRW 6,000 per share for gross proceeds of KRW 15,000,000,000 on October 25, 2016. The shares will be issued to existing investor DAECHANG Co.,Ltd. (KOSE:A012800).

Pursuant to the transaction, the investor shall hold 78.449254% stake in the company up from 65.621429% stake. Investor is acquiring 37.313433% stake in the enlarged capital of the company through this transaction. The transaction has been approved by board of directors of the company.

The transaction is expected to be closed by October 26, 2016.