Sillajen Inc. on Friday announced that it will sell new shares to raise 129.4 billion won (US$96.7 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue 34.5 million common shares at a price of 3,750 won per share. The stock will be sold to the firm’s shareholders.

Source: Yonhap News Agency