[Asia Economy Reporter Jang Hyowon] Polaris Office, a company specializing in office software, announced on the 9th that the payment for a third-party allotment paid-in capital increase worth approximately 2 billion KRW targeting the management has been completed.
This paid-in capital increase involved Seongwoo Jo, Chairman of Polaris Group, Jungkyung Ji, CEO of Polaris Office, and Youngkwan Kim, Vice President of Polaris Group, to realize responsible management. Chairman Seongwoo Jo, as a potential largest shareholder holding convertible bonds (CB) of Polaris Office, now holds a total of 24.9% of the shares including related parties.
Polaris Office secured a total of 30.8 billion KRW in cash through the sale of iWinPlus (formerly Polaris Works) in April and the sale of Selvas AI shares in November last year.
A Polaris Office official stated, "Through the sale of held shares and the paid-in capital increase targeting the management, cash assets have become more abundant," adding, "Currently, the reserve ratio is high and there is no borrowing from financial institutions, so we are thoroughly preparing for managing internal and external risks including interest rate hikes."
He continued, "The funds held will be used as investment resources and operating funds for future growth businesses."
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