Mobase Electronics Co. on Monday announced that it will sell stocks to raise 19 billion won(US$16.6 million). The proceeds from the stock offering will be used primarily to pay off its debts.

According to a regulatory filing, the company will issue some 8.84 million common shares at a price of 2,147 won per share. The stocks will be sold to the investors that the firm designated.

Source: Yonhap News Agency