Display manufacturing equipment corporation Solution Advanced Technology has shown strength in early trading on the 3rd following the news of its sale to a real estate developer after the passing of CEO So Jin-seok.
As of 9:37 a.m. on the same day, Solution Advanced Technology is trading at 2,100 won, up 484 won (29.95%) from the previous trading day. Solution Advanced Technology surged to the upper limit of the daily price range right after the market opened.
Earlier, Solution Advanced Technology announced that on the 31st of last month, the division of inherited stock following the passing of CEO So Jin-seok was completed, noting that the largest shareholder is now Lim Kyung-sook and one other.
After the passing of CEO So Jin-seok last year, his spouse, Lim Kyung-sook, was appointed as CEO on October 28 of the same year. It appears that CEO Lim and their son, So Se-young, have been pushing to sell their equity.
Before the market opened that day, it was announced that CEO Lim and the largest shareholders transferred all 7,324,297 shares (33.27% equity) of Solution Advanced Technology to real estate development companies Global C&D, Lead Planet, Innovation, and YH Investment Consortium No. 1.
Solution Advanced Technology also plans to conduct a capital increase of 10 billion won and issue 30 billion won of the 3rd series convertible bonds (CB). Global C&D will underwrite the capital increase, while V Investment Consortium No. 1 will take on the CB.