Korean pharmaceutical company Boryung is making an additional investment of KRW 50 billion in the space industry.
On November 4, Boryung announced in a disclosure that it plans to raise KRW 175 billion by issuing new shares allocated to its affiliate, Boryung Partners, through a third-party allotment.
The new issuance will consist of 18,097,207 common shares, with each new share priced at KRW 9,670. The payment date is scheduled for November 13, and the expected listing date for the new shares is November 29.
Of the KRW 175 billion raised, Boryung plans to allocate KRW 50 billion to expand its plants and facilities to strengthen its pharmaceutical business, KRW 75 billion to expand its essential strategic pharmaceutical procurement, supply, and distribution businesses, and KRW 50 billion to invest in the space business sector to secure long-term national and corporate competitiveness.
Detailed investment plans related to space have not been disclosed.
Previously, Boryung acquired a 0.40% stake in the U.S.-based private space station company Axiom Space by investing USD 10 million in January 2022. It then acquired an additional 2.28% stake in December 2022 by investing another USD 50 million.
In total, Boryung holds a 2.68% stake in Axiom.
Regarding the capital increase, Boryung stated, "As of the third quarter of this year (2024), we are on track to achieve our highest-ever annual revenue target of KRW 1 trillion, achieving record-breaking results. Through this capital increase, we are securing funds in advance to sustain long-term growth."
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Boryung Invests Additional $50M in Space Industry, Secures Growth Capital with $175M Rights Offering
Korean pharmaceutical company Boryung is making an additional investment of KRW 50 billion in the space industry.On November 4, Boryung announced in a disclosu
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