City Labs Provides Collateral Worth 16 Billion KRW to Lorac

[Asia Economy Reporter Yoo Byung-don] City Labs announced on the 23rd that its related party, Lorak, will provide collateral worth 16 billion KRW for a debt of 4.8 billion KRW owed to Pleno Investment Association.

This corresponds to 12.81% of its equity capital. The collateral provider company is 909,473 common shares (5.28%) of Care Labs owned by City Labs.