[Featured Stock] Midas AI Rises on 10 Billion KRW Fundraising for New Business

[Asia Economy Reporter Jang Hyowon] Midas AI is showing strength following news of raising 10 billion KRW in funds for new business.

As of 9:57 AM on the 27th, Midas AI is trading at 779 KRW, up 2.23% (17 KRW) from the previous day.

Midas AI announced on the same day that it has decided on a third-party allotment paid-in capital increase worth 10 billion KRW targeting its largest shareholder SA Corporation and one other party. The issue price is 650 KRW, with the payment date set for November 20.

The company expects to improve its financial structure through the participation of the largest shareholder in this third-party allotment. Upon completion of the payment, SA Corporation's shareholding will increase from the current 15.29% to 23.8%.

Part of the capital raised will be used for ongoing new business. Midas AI has secured distribution rights from Philosys for COVID-19 diagnostic kits and specimen collection kits and is preparing to sell them in Africa and Brazil.