Seoul: ASTech Co., a South Korean organic UV filter manufacturer, on Tuesday announced that it will sell stock to raise 16.5 billion won (US$11.8 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to Yonhap News Agency, a regulatory filing revealed that the company will issue 787,208 common shares at a price of 20,990 won per share. The stock will be sold to the investors that the firm designated.