Alphabiz - Hyosung TNC has decided on a capital increase of 958 billion won, aiming to expand its facilities in China.

Photo = Hyosung T&C

[Alpha Biz= Reporter Paul Lee] On the 16th, Hyosung TNC announced its decision to conduct a rights offering capital increase of 958.3 billion won for the purpose of facility funding.

For the expansion of the Ningxia spandex factory in China, Hyosung TNC will subscribe 75% and its subsidiary, Hyosung Turkey Corporation, will subscribe 25% according to their respective ownership stakes.

Regarding the purpose of the acquisition, Hyosung TNC stated, 'To respond to the increasing demand for spandex in China and to expand market share.'

Hyosung TNC is also expanding its production capacity in spandex factories in India and Turkey, aiming to establish a local production system.

Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)