Graphy Raises Stake in Ray to 27.17%, Adds Three Specially Related Parties

Graphy, a company that makes photocurable materials for 3D printing, has increased its stake in KOSDAQ-listed Ray to 27.17%.

According to the Electronic Disclosure System (DART) on the 22nd, Graphy disclosed in a report on large shareholdings that its holdings in Ray increased to 4,249,649 shares (27.17%) from 4,087,749 shares (26.14%) in its previous report.

Graphy is Ray’s largest shareholder. The increase in its stake resulted from a change in the form of its holdings following the closing of a stock transfer agreement and the addition of specially related parties following the change in the largest shareholder.

Three executives of affiliated companies were newly added as specially related parties: CEO Lee Sang-cheol, Executive Vice President Byun Chang-hwan and auditor Shin Yeon-oh. Their holdings are 156,400 shares (1.00%) for Lee, 3,000 shares (0.02%) for Byun and 2,500 shares (0.02%) for Shin.

In the report, Graphy said it plans to acquire Ray shares and exercise influence over the appointment and dismissal of executives, amendments to the articles of incorporation and changes to capital. It listed its purpose for holding the shares as “influence over management.”

Graphy used 49,151,090,000 won in company funds raised through the issuance of convertible bonds and convertible preferred shares to finance the acquisition. The shares held by the three specially related parties had been owned before their inclusion in the report and were valued based on the closing price of 4,600 won on the 15th, the date the largest shareholder changed.