RFTtech is declining in early trading on the 7th following news that its largest shareholder will change to a private equity fund.
As of 9:37 a.m. on that day, RFTtech was trading at 3,460 won, down 260 won (6.99%) from the previous trading day.
The telecommunications equipment corporation RFTtech announced that it signed a stock transfer agreement to transfer 4,624,446 shares of RFTtech held by its largest shareholder, RFTStandard, and CEO Jinhyung Lee, with 2,624,446 shares going to Pound Equity Partners and 2 million shares to Busan Equity Partners.
The shares are being transferred at 9,307 won per share, totaling 43 billion won for the transaction. Pound Equity Partners will pay 24.4 billion won, and Busan Equity Partners will pay 18.6 billion won each. Both companies have already paid a deposit of 6 billion won and are expected to pay the balance in time for the extraordinary shareholder meeting scheduled for June 27.
Once the balance is paid, Pound Equity Partners and Busan Equity Partners will each secure 8.17% and 6.23% equity in RFTtech, respectively.