Stonebridge Capital and LS Securities have fully converted 35.5 billion won ($25.6 million) in exchangeable bonds into Refine shares, acquiring 13.9% of the company and reshaping its shareholder structure.
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Refine Co., a leading South Korean proptech firm, is considering a voluntary delisting after new owners Stonebridge Capital and LS Securities move to acquire minority shares via tender offer, with the buyout price expected near IPO levels and a focus on increasing majority control through exchangeable bonds.
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