[Asia Economy Reporter Jang Hyowon] FSN, a company listed on KOSDAQ, announced on the 8th that it has decided on a third-party allotment capital increase worth 5 billion KRW.
In this capital increase, Saikan Holdings, a friendly shareholder of FSN, participated fully with 5 billion KRW. The issue price per new share is 3,180 KRW, and the expected listing date of the new shares is January 2. The mandatory holding period is one year from the listing date, same as the existing shares. The secured funds will be used for brand aggregator, blockchain and Web 3.0 related businesses, and new M&A.
Saikan Holdings is a company engaged in real estate and global development businesses and has maintained a friendly relationship with FSN for a long time. Last year, based on trust in FSN’s business and management, it converted all convertible bonds (CB) it held into shares and delegated voting rights to FSN’s management. The voting rights secured through this capital increase were also delegated to FSN’s management, and based on this, the shareholding ratio of 'J2B', the largest shareholder of FSN and a major management alliance corporation, and its special related parties increased from 32.91% to 36.03%.
FSN secured about 43 billion KRW in cash, including funds raised through two capital increases this year and cash held by group companies. FSN plans to actively expand its business based on the secured funds.
While steadily growing its existing advertising and digital marketing business, FSN is rapidly expanding new businesses such as brand aggregator and blockchain. In the brand aggregator business, through its subsidiary Boosters, it provides accelerating services to about 10 partner companies and grows together with them.
In the blockchain business, through subsidiaries Finger Labs and Fingerverse, FSN launched Sunmiya Club, Bellygom NFT, and developed them into representative domestic PFP NFT projects, actively entering the blockchain platform business. In addition to these existing new businesses, FSN is also actively considering expansion into sustainable growth businesses that can become its next-generation revenue sources.
Seojeonggyo, CEO of FSN, said, "Saikan Holdings participated in this capital increase based on trust in FSN’s management and business and delegated voting rights to FSN’s management, enabling us to conduct business more stably. Amid the unpredictable economic conditions more than ever, financial soundness has greatly improved, cash liquidity has been significantly secured, and we have strong support and trust from financially solid allies. Based on this, we will actively invest in new businesses and M&A to open the FSN 2.0 era."
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