Union Korea Pharm Co. on Tuesday announced that it will sell stock to raise 6.9 billion won(US$5 million). The proceeds from the stock sale will be used mainly to pay off its debts.

According to a regulatory filing, the company will issue some 1.57 million common shares at a price of 4,370 won per share. The stock will be sold to the investors that the firm designated.

Source: Yonhap News Agency