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SKC Unit to Raise KRW401 Billion via Rights Offering

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SKC (KRX:011790) said its unit Absolics Inc plans to raise 401.1 billion won through a rights offering to fund the operating commercialization of semiconductor glass substrates, according to a Friday filing with the Korean Exchange.

The South Korean specialty materials company said Absolics will issue 274,683 new common shares at an issue price of nearly 1.5 million won apiece, with payment scheduled for Nov. 24.

The material company owns a 70.05% stake in Absolics, with 236,974 outstanding common shares.

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