[Asia Economy Reporter Jang Hyowon] Polaris Office, a company specializing in office software (SW), announced on the 14th that it has secured a total cash liquidity of 30.8 billion KRW through the sale of its shares.
Polaris Office completed the sale of 6,368,310 shares of Polaris Works, securing 22.9 billion KRW. This amount corresponds to 3,600 KRW per share, which is more than twice the value compared to the closing price of Polaris Works at 1,600 KRW on the 11th, including a management premium.
The counterparty, iWIN, paid 4.6 billion KRW, equivalent to 20% of the sale price, as a deposit on February 28 through a stock transfer agreement with Polaris Office, and completed the acquisition process by paying the remaining 18.3 billion KRW on the 11th.
As a result, Polaris Office secured abundant cash liquidity totaling 30.8 billion KRW, including 7.9 billion KRW obtained from the on-market sale of Selvas AI shares in November last year.
A Polaris Office representative stated, “Following last year, we secured abundant cash liquidity through two share sales of other companies this year as well,” adding, “This will be used as investment funds and operating capital for future growth businesses.”
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