Kolen's new shares to be bought by largest shareholder
Company expects turnaround in 2nd half
Camera lens company Kolen said Tuesday that its largest shareholder Biolog Device will buy 100% of the allot shares of its new share issuance.
Both companies are lead by CEO Yi Jae-Sun.
Kolen’s latest paid-in capital increase is to secure funding to expand its factory in Vietnam.
It plans to allot the shares first then offer some in retail orders.
24.3 million new shares will be issued __ which will account for 54% of all issued shares. Biolog Device will be allotted 5.08 million shares.
Kolen uses its aspherical lens technology to make lens for smartphone cameras and fingerprint readers.
The company offers VGA grade lens to 48MP lens for smartphone as well as lens for wide angle, depth, telephoto and Time of Flight (ToF) modules.
The secured fund from the share issuance will be used to expand its Vietnam factory that will go live in the second half of 2020, a company spokesperson said.