[Public Notice+] Philink Sells 2.67 Million Shares of Its Own Stock to GemVax & Kael

[Asia Economy Reporter Hyunseok Yoo] Filink announced on the 2nd that it sold 3.7% of its treasury shares over-the-counter to its affiliate, Gemvax & Kael.

The company explained, "We sold 2,665,080 shares of treasury stock to Gemvax & Kael for approximately 4 billion KRW by transferring from the treasury stock account to the corporation's securities account."

Gemvax & Kael is the largest shareholder of Gemvax Geo, which holds a 16.18% stake in Filink. By securing a 3.7% stake in Filink this time, it has strengthened its group control. Filink CEO Youngwoon Seo stated, "Through Gemvax & Kael's purchase of treasury shares, the increase in Filink's operating funds is expected to greatly aid management," adding, "The largest shareholder's control has also been strengthened, enabling mutual win-win growth."

Additionally, Filink improved its financial structure by acquiring and canceling convertible bonds worth 4 billion KRW issued in 2017 before maturity. CEO Seo said, "At a time when capital expansion is necessary for Filink's continuous growth, Gemvax & Kael's purchase of treasury shares has allowed for stable management," adding, "As results are emerging in our core IT and overseas fashion businesses, the improvement of the financial structure is expected to significantly contribute to Filink's next leap forward."

This content was produced with the assistance of AI translation services.