Norang Poongseon Secures 20 Billion KRW Funding... "Securing Investment Resources for Future Growth"

[Asia Economy Reporter Hyunseok Yoo] Direct sales travel specialist company Norangpungseon announced on the 11th that it has secured future investment funds worth 20 billion KRW through the issuance of convertible bonds (CB) and bonds with warrants (BW).

On the 10th, Norangpungseon disclosed that it decided to issue 10 billion KRW worth of anonymous coupon-bearing unsecured private convertible bonds and 10 billion KRW worth of anonymous coupon-bearing unsecured private non-detachable bonds with warrants.

The nominal interest rate and maturity interest rate are both 0%. The maturity date is March 12, 2026, and the purpose is to raise operating funds.

The convertible bond issuance targets are ▲ Synergy Turnaround 13 New Technology Business Investment Association with 5 billion KRW ▲ Samsung Securities (including SP KOSDAQ Venture Specialized Private Investment Trust No. 3 and two other funds’ trustee status) totaling 3.4 billion KRW. The bonds with warrants are issued to ▲ NH Investment & Securities (including Orian Sobujang Plus KOSDAQ Venture Specialized Private Investment Trust No. 45 and four other funds’ trustee status) totaling 3.3 billion KRW ▲ Shinhan Financial Investment with 3 billion KRW, among others.

A Norangpungseon official said, “Through this fundraising, we have additionally secured investment funds for future growth engines. From a management and financial perspective, there is no immediate need for investment to continue business for the next few years, but we decided to raise funds based on the judgment that continuous development and bold investment will determine success in leading and securing competitiveness in the newly reorganized post-COVID-19 travel market.”

He added, “Based on the OTA (online travel agency) proprietary platform scheduled to open in the second quarter of this year, we plan to pursue new business diversification into various fields beyond travel.”

The ‘Norangpungseon OTA Integrated Platform’ currently under development has completed all development and is in the final testing phase. Preparing perfectly for the full-scale resumption of overseas travel, the company aims for a grand opening in the second quarter of this year. The OTA integrated platform provides customized travel services through big data customer analysis and allows booking and payment for flights, hotels, tours, activities, and rental cars all at once.

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