samsung heavy to raise 11 trillion won via rights issue
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Samsung Heavy to Raise 1.1 Trillion Won Via Rights Issue

Arab Today, arab today

Arab Today, arab today Samsung Heavy to Raise 1.1 Trillion Won Via Rights Issue

Samsung Heavy Industries Co
Seoul - QNA

The board of Samsung Heavy Industries Co., a major South Korean shipyard, approved a move to raise nearly 1.1 trillion won about (US$984 million) via a rights issue. 
The company will issue 159.12 million new shares in a public offering, with the price of new shares expected to be set at 6,920 won, according to company officials. 
The fresh fund will be used to pay off part of the company's maturing debts and keep the company running. 
The shipbuilder, along with its local peers, is undergoing government-initiated restructuring, while a sharp decline in new ship orders is creating serious problems for the already cash-strapped firm. 
An earlier assessment by a local accounting firm suggested Samsung Heavy may need up to 1.6 trillion won about (US$1.44 billion) to pay off its maturing debts and keep the company running. 
"Despite our self-rescue efforts, issuing new shares to raise operating funds for the company is unavoidable," Samsung Heavy CEO Park Dae-young told a shareholders' meeting held. 
"Though the possibility is extremely slim, now is the right time to raise additional funds as we need to prepare for a prolonged slump in new ship orders or delays in ship deliveries," he added. 
At the meeting, the company's shareholders agreed to revise the company's articles of association and increase the number of shares allowed to be issued to 500 million from the current 300 million. 
Out of some 159 million new shares to be issued, 20 percent will be offered to the company's employee stock ownership association, while another 24.08 percent are expected to be offered to affiliated companies in accordance with their existing stakes in the shipbuilder. 
As of end-June, Samsung Electronics Co. held a 17.62 percent stake in its shipmaking affiliate, while Samsung Life Insurance Co. held a 3.38 percent stake and Samsung Electro-Mechanics 2.39%. 
Others on the list of shareholders as of Oct. 4 will be offered a chance to purchase about 0.62 new share per each share they own. Offerings for existing shareholders will be held on Nov. 7-8. 
The remaining new shares will be offered to the general public on Nov. 10-11. 
The new shares will put total Samsung Heavy issues at about 390 million, according to South Korea's News Agency (Yonhap). 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

samsung heavy to raise 11 trillion won via rights issue samsung heavy to raise 11 trillion won via rights issue

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

samsung heavy to raise 11 trillion won via rights issue samsung heavy to raise 11 trillion won via rights issue

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 14:26 2018 Wednesday ,12 December

Canada standing on the wrong side of history

GMT 12:56 2011 Sunday ,18 September

Talal Hamieh appointed new Hezbollah military leader

GMT 23:05 2017 Wednesday ,01 March

800 Muslim families return dowry

GMT 13:34 2017 Thursday ,30 November

Ashes exile Stokes in NZ 'working

GMT 19:41 2017 Saturday ,14 January

Iraqi army retakes Mosul University from Daesh

GMT 14:06 2017 Saturday ,30 September

Poll shows Tokyo governor Koike's party threat

GMT 08:41 2018 Friday ,19 January

China to step up cryptocurrency crackdown
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday