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[THE INVESTOR] Mirae Asset Daewoo will invest 20 billion won (US$18.15 million) in Celltrion GSC, a subsidiary of Celltrion – which supplies it materials and is an unlisted company held 71.01 percent by the Korean drug maker's Chairman Seo Jung-jin.
In the move, Mirae Asset Daewoo will purchase 20 billion won worth of convertible bonds Celltrion GSC will issue. Celltrion GSC is planning to raise 100 billion won with the issuance. Of the total, 60 billion won will be taken by IMM Investment, and individual investors will invest 20 billion won.
In the move, Mirae Asset Daewoo will purchase 20 billion won worth of convertible bonds Celltrion GSC will issue. Celltrion GSC is planning to raise 100 billion won with the issuance. Of the total, 60 billion won will be taken by IMM Investment, and individual investors will invest 20 billion won.
The CB Celltrion GSC will issue 5-year bonds with 3.2 percent yield. However, a yield of 5 percent is guaranteed if held until maturity. Stock conversion will be open from May 1, 2018, to Sept. 29, 2021, at price of 283,172 won per share.
The move is part of Mirae Asset Group Chairman Park Hyeon-joo’s drive to increase investment in the field of biotechnology. This is also the group’s first major investment in a biotechnology firm since Park revealed plans to invest 10 trillion won in the field over the course of 10 years.
The investment by Mirae Asset Daewoo will also add a business connection between Park and Celltrion chief Seo. They are said to have close personal relations.
By Choi He-suk (cheesuk@heraldcorp.com)
