Hanhwa secures AU$140 million capital commitment from GEM

KUALA LUMPUR, May 5 (Bernama) -- Hanhwa Aus Pty Ltd (Hanhwa) has announced signing an agreement (Agreement) with GEM Global Yield LLC SCS (GGY), the Luxembourg based private alternative investment group, to provide Hanhwa with a share subscription facility of up to AU$140 million for a 36-month term following a public listing. (AU$1 = RM3.13)

According to a statement, the share subscription facility will allow Hanhwa to draw down funds by issuing shares of common stock to GEM.

Hanhwa will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation. Concurrent with a public listing Hanhwa will issue warrants to GEM to purchase up to 5.2 per cent of the common stock of the company.

Since its formation in 2016, in Victoria, Australia, Hanhwa is an established Global Automotive Technology – Original Equipment Manufacturing / Engineering and Distribution Company, in the Automotive industry through a primary direct distribution model, with flexibility on special request by global automotive companies.

Hanhwa has a world leading product so has been able to partner with high profile international entities including Isuzu, Toyota, Mercedes-Benz, Fuso, Volvo, importing to the aforementioned locations as well as the EU and the Gulf Cooperation Council.

Global Emerging Markets (GEM) manages a diverse set of investment vehicles focused on emerging markets and has completed over 520 transactions in 80 countries.

More details at www.hanhwa.com.au.

-- BERNAMA