[Featured Stock] Dongyang Networks Surges on News of 12 Billion KRW Rights Offering
[Asia Economy Reporter Eunmo Koo] Dongyang Networks continues its strong performance into the afternoon. It appears that the news of the rights offering announced the previous day is having an impact.
As of 2:35 PM on the 16th, Dongyang Networks was trading at 418 KRW, up 28.22% (92 KRW) compared to the previous trading day.
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The day before, Dongyang Networks announced that it had decided on a third-party allotment rights offering worth a total of 12 billion KRW to raise operating funds and funds for acquiring securities of other companies. The third-party allotment recipient is Y Quintet, which is 100% owned by the company's CEO. Accordingly, 1,770,777 common shares will be newly issued at a price of 6,750 KRW per share.
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