South Korean camera lens maker will expand its factory in Vietnam, the company said on Tuesday.
It will secure 18 billion won for the expansion through paid-in capital increase, it said in its filing to local regulators.
The new shares will be listed on November 3.
The company’s Vietnam factory was running at 100% capacity, a company spokesperson said. The expansion will increase its monthly production rate from 6 million units to 13 million units, they added.
Some of the funds secured from the issuance of new shares will also be spent in operation fees.
Kolen produces aspheric lens used in smartphone cameras, fingerprint recognition and CCTVs. It can produces lens for high-end cameras over 48MP pixel as well as those offer wide angle, dept, telephoto and time of light.
The company made a profit in 2018 and 2019. Kolen said its sales were hurt in the first half 2020 due to the COVID-19 pandemic but expected recovery in the second half from new lens launches in the third quarter.