| Mobile Web

ITCEN CTS to issue 5 billion won convertible bonds to ITCEN Global, repay debt

ITCEN CTS said on Monday it will issue 5 billion won ($3.7 million) of convertible bonds to its largest shareholder, ITCEN Global, and use the entire proceeds to repay borrowings. The company said ITCEN Global will subscribe to the full amount, with payment due on Sept. 16. ITCEN CTS said the funds will be used to repay part of a general loan from a financial institution, not for new business investment or working capital.