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Biz News Korea(Eng)
Korean Inc. recapitalized by 20% against year-ago
- Collected
- 2017.11.07
- Distributed
- 2017.11.08
- Source
- Go Direct
According to the country’s stock operator Korea Exchange on Monday, companies listed on the main Kospi or secondary Kosdaq markets raised combined 12.1 trillion won ($10.8 billion) through new issues as of Oct. 31, increasing from 10.08 trillion won a year ago.
The number of members recapitalizing on the main Kospi bourse declined from 116 last year to 73 as of October, but the value of new issues jumped 37.2 percent on year to 8.9 trillion won.
The sharp rise in the recapitalization value was attributed to Daewoo Shipbuilding & Marine Engineering. The company implemented three rounds of rights offering to its creditors worth 3.38 trillion won as part of bailout program in the form of a debt-to-equity swap.
Hyundai Robotics Co., which separated from Hyundai Heavy Industries to act as a holding entity for non-shipbuilding units issued new shares worth 1.7 trillion won for reorganization.
STX Heavy Industries Co. carried out rights offering worth 584.3 billion won, Tonyang Life Insurance Co. 528.3 billion won, and Korean Air Lines Co. 457.7 billion won.
On the Kosdaq, 245 members issued new shares worth 3.25 trillion won. The recapitalization value was down 11.1 percent from a year ago.
Bio stock Hugel Inc. raised the largest 354.7 billion won, followed by Sejong Telecom Inc. with 183.6 billion won. Nanos Co. raised 160.9 billion won and Maeil Holdings Co. 144.9 billion won.
Rights offering took up 63.7 percent of the new issues, public offering 18.7 percent, and private placement to shareholders 17.7 percent.
By Shin Heon-cheol and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]