Daewoo Shipbuilding Marine Engineering on Tuesday announced that it will sell stock to raise 141.3 billion won ($107.7 million). The proceeds from the stock offering will be used primarily to pay off its debts, according to Yonhap.
According to a regulatory filing, the company will issue some 5.14 million common shares at a price of 27,467 won per share. The stock will be sold to the investors that the firm designated.