Chorokbaem Media to Raise 20 Billion KRW from Major Shareholders... "Securing Excellent IPs"

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media announced on the 3rd that it has decided to conduct a third-party allotment paid-in capital increase worth 20 billion KRW targeting its largest shareholder, Chorokbaem Company, to secure content intellectual property rights (IP) and strengthen its comprehensive content business.

Chorokbaem Media plans to use the funds raised through this paid-in capital increase to acquire securities of other companies. Through this, it aims to additionally secure excellent IP and strengthen its content business capabilities by producing various content utilizing its own IP.

The issue price per new share is 2,260 KRW. A total of 8,849,558 convertible preferred shares (CPS) will be issued. The new shares will be 100% subscribed by the largest shareholder, Chorokbaem Company. After the capital increase, Chorokbaem Company's shareholding ratio will increase from 25.83% to 29.36%.

Chorokbaem Company participated in Chorokbaem Media's third-party allotment paid-in capital increase conducted last month. As the largest shareholder, it explained that strengthening its control through an increased shareholding ratio will solidify the responsible management system and greatly contribute to business synergy between the two companies as well as Chorokbaem Media's vision and growth.

A representative of Chorokbaem Media said, "This paid-in capital increase demonstrates Chorokbaem Media's growth as a comprehensive content company by securing IP, as well as the largest shareholder Chorokbaem Company's commitment to responsible management." He added, "The fact that the largest shareholder is subscribing 100% of the paid-in capital increase reflects a strong will to focus on diversifying and strengthening Chorokbaem Media's content business strategy."

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