SEOUL-- Tamulmultimedia Co.on Monday announced that it will sell stock to raise 20 billion won (US$16.3 million). The proceeds from the stock offering will be used primarily to finance stock acquisition.

According to a regulatory filing, the company will issue some 4 million common shares at a price of 4,920 won per share. The stock will be sold to the investors that the firm designated.

Source: Yonhap News Agency