Gennbio to raise 16 bln won via stock sale

Gennbio-capital increase

Gennbio to raise 16 bln won via stock sale

SEOUL, July 26 (Yonhap) -- Gennbio Inc.on Wednesday announced that it will sell stock to raise 16 billion won (US$12.6 million). The proceeds from the stock offering will be used primarily to pay off its debts.

According to a regulatory filing, the company will issue some 28.58 million common shares at a price of 560 won per share. The stock will be sold to the investors that the firm designated.

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