ITCEN GLOBAL said on the 4th it will issue convertible bonds (CB) totaling 40 billion won.
ITCEN GLOBAL plans to use the funds secured through this CB issuance to improve its financial structure by repaying debt. It also plans to invest in expanding new growth businesses such as security token offerings (STOs) and Web3.
The issuance will proceed through an investment by ITC Holdings LLC. ITC Holdings is wholly owned by the KCGI Innovation Growth ESG No. 1 Private Equity Investment Joint Association.
The investor in this deal, KCGI Innovation Growth ESG PEF, is a blind fund of 500 billion won managed by KCGI.
An ITCEN GLOBAL official said, "Through this financing, we plan to stabilize our financial structure while ramping up investment in future new growth businesses, including STOs and Web3," adding, "If the institutional framework for digital assets is finalized in the second half, the Web3 business division is expected to move into full swing."
A KCGI official said, "We decided to invest because we strongly agreed with ITCEN GLOBAL's stable IT services and its preemptive business expansion strategy in STO and Web3," adding, "Beyond simply supplying capital, we will become long-term partners that together establish a new standard for Korea's digital finance infrastructure."