Dynamic Design to Issue 30 Billion Won Convertible Bonds

[Asia Economy Reporter Jang Hyowon] Dynamic Design announced on the 12th that it will issue convertible bonds worth 30 billion KRW with a maturity of 3 years.

The bonds will be privately placed targeting Meritz Securities, Meritz Capital, Meritz Fire & Marine Insurance, and others.

Dynamic Design plans to use 27 billion KRW of the funds raised through the convertible bond issuance to repay borrowings, and the remaining 3 billion KRW for operating expenses.

In July, Dynamic Design changed its company name from Sehwa IMC to Dynamic Design to improve its corporate image and make a leap as a global company. Established in 1999, Dynamic Design’s main business is tire mold manufacturing, generating more than 80% of its sales from global tire manufacturers.

A representative of Dynamic Design stated, “We plan to repay all borrowings through this convertible bond issuance, which signifies a transition from a creditor-led management system to an independent management system, allowing us to pursue more proactive management activities. As a strategy to achieve this, we are preparing a blueprint that includes strengthening business competitiveness through the sale of idle assets, facility investments to enhance customer satisfaction, establishing a local integrated management system for overseas subsidiaries, and setting up new overseas subsidiaries to meet diverse customer demands.”

Meanwhile, Dynamic Design added electric vehicle-related business to its articles of incorporation at the shareholders’ meeting in July to generate business synergy with its major shareholder EV Advanced Materials.