SMEC, a company specializing in machine tool and robot automation solutions, announced on the 2nd that it will conduct a paid-in capital increase of 54 billion won to strengthen its global competitiveness.
Smack announced through a public notice that it decided to increase capital by 54 billion won through a public offering after allocating shares to shareholders. The planned issuance price of the new shares is 1,924 won per share, and the number of shares to be issued is 28,000,000. The subscription for existing shareholders will be held from June 16 to 17, and the subscription for the public offering will be held from June 19 to 20. The payment date is scheduled for June 24.
This paid-in capital increase is part of Smac’s strategy to acquire Hyundai Wia’s machine tool division together with Rilson PE Partners and further strengthen its position in the global machine tool market. Through this, the company plans to expand its machine tool business portfolio and further strengthen its technological prowess and production capabilities to leap forward as a global company. After the acquisition, the company plans to maximize production efficiency and strengthen its research and development (R&D) capabilities to secure competitiveness in the next-generation machine tool market.
Smack CEO Choi Young-seop announced that he plans to participate in the paid-in capital increase by allocating 100% of the total amount. Choi said, “I plan to actively participate based on my strong confidence in the company’s growth potential and future strategy,” and “I am confident that Smack will establish a stronger position in the global market through this opportunity.”
A SMACK official emphasized, “This paid-in capital increase is not simply a means of raising funds, but will be an important opportunity to solidify our position in the global market,” and “We will continue to grow into a global top-level machine tool company through research and development and quality innovation for continued growth in the future.” He added, “We will continue to expand our business and strive to develop innovative technologies to provide greater value to our customers and shareholders.”
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