Hanshin Motors Co., Ltd announced a private placement of 11,240 common shares at a price of KRW 800,720.715302 per share for gross proceeds of KRW 9,000,100,840 on December 22, 2021. The transaction will include participation from new investor Soosung Innovation Co., Ltd. for 20.82% stake in the company. The transaction was approved by the board of directors of the investor.

The transaction is expected to close on February 23, 2022.