[Asia Economy Reporter Yoo Hyun-seok] Midas AI announced on the 27th that it decided on a third-party allotment paid-in capital increase worth 10 billion KRW on the 26th, targeting its largest shareholder SA Corporation and one other. The issue price is 650 KRW, and the payment date is November 20.
With the largest shareholder participating in this third-party allotment paid-in capital increase, the company will not only improve its financial structure but also increase its shareholding ratio. Upon completion of the payment, SA Corporation's shareholding ratio is expected to rise from the current 15.3% to 23.8%.
Part of the capital raised will be used for ongoing new business projects. Midas AI has secured the distribution rights for COVID-19 diagnostic kits and specimen collection kits from Philosys and is preparing to sell them in Africa and Brazil.
A Midas AI official stated, “The largest shareholder has shown a commitment to responsible management by investing a large amount. We expect that as the new business results become quickly visible and the capital increases, the reasons for designation as a management item can also be resolved.”
Meanwhile, Midas AI was designated as a management item last year after its half-year report showed a capital erosion rate exceeding 50%.
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