BDI Completes Issuance of 7.1 Billion Convertible Bonds... Secures Operating Funds

[Asia Economy Reporter Hyungsoo Park] VIDI announced on the 30th that it secured 7.1 billion KRW in operating funds by issuing convertible bonds (CB). The funds will be used for power plant and eco-friendly renewable energy businesses.

A VIDI official stated, "It is meaningful that the previously delayed bond payments have been completed," adding, "The funds raised through bond issuance and capital increase are intended to secure VIDI's future growth engines, so the company's growth rate is expected to accelerate next year."

Earlier, in October, VIDI issued approximately 12 billion KRW worth of bonds with warrants (BW). The funds were used to invest in equity for advancing its bio business. In November, CEO Seungman Ahn, who participated 100%, secured about 10 billion KRW in operating funds through a third-party allotment paid-in capital increase.

On the 29th, VIDI's founder and largest shareholder, Chairman Seungman Ahn, returned as CEO. It is expected that stabilizing management rights will provide momentum for the core eco-friendly renewable energy business and the new growth engine bio business.