Woongjin's solar cell unit raises 100 bln won via stock sale

SEOUL, July 3 (Yonhap) -- Woongin Polysilicon Co., a unit of Woongjin Holdings
Co., said Friday that it has raised 100 billion won (US$78.6 million) by selling
13.3 million shares to a local private equity fund.

The affiliate, set up in July last year, produces polysilicon, a key material
used for making solar cells that convert sunlight into electricity.
Woongjin Group, whose business portfolio ranges from publishing to chemicals,
launched the solar cell-related business last year in an effort to diversify its
revenue sources.
Woongjin Polysilicon plans to spend 1 trillion won by 2012 in expanding the
facility to produce 10,000 tons of polysilicon annually.
In January this year, Woongjin Polysilicon received a 693 billion won order from
Hyundai Heavy Industries Co., the country's leading shipbuilder.
South Korean business groups such as LG and Hyosung are venturing into the solar
cell business as they view the sector as a potential revenue source.
sam@yna.co.kr
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