UTI issues 36 billion KRW convertible preferred shares to Corning Hungary Data Service... Collaboration on new business

[Image source=UTI website capture]

[Asia Economy Reporter Lee Jung-yoon] UTIA announced on the 30th that it has decided to conduct a paid-in capital increase worth 35.9 billion KRW to raise facility and operating funds.

As a result of this paid-in capital increase, 1,674,242 convertible preferred shares (CPS) will be issued, and the method of capital increase is a third-party allotment. Convertible preferred shares refer to preferred shares that have the right to be converted into other types of shares.

The third-party allotment recipient was selected as Corning Hungary Data Services LLC, with the reason being new business collaboration and foreign investment.

Corning is a manufacturer of specialty glass and ceramics, while UTIA is a processor of strengthened glass for camera modules and touch panels. UTIA was founded in 2010 by CEO Park Deok-young, a former member of Samsung Advanced Institute of Technology, and is strengthening its ultra-thin glass (UTG) business. In addition, at the end of 2019, it completed the development of foldable UTG with a thickness of 100 micrometers.

Meanwhile, as of 10:03 AM on the same day, UTIA was trading at 20,500 KRW, down 16.16% (3,950 KRW) from the previous trading day.