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Biz News Korea(Eng)
Leaner Keangnam Enterprises, Sambu Construction hopeful to draw buyers
- Collected
- 2017.03.24
- Distributed
- 2017.03.28
- Source
- Go Direct
According to the nation’s securities exchange operator Korea Exchange on Thursday, Sambu Construction on Monday placed 17,781 common shares at 5,000 won ($4.45) apiece under the ownership of creditors including Hanshin Engineering & Construction, Seoul Guarantee Insurance and Daewoo Engineering & Construction as a part of their debt-to-swap agreement.
At 1:40 p.m., shares of Sambu Construction rose 80 won or 1.37 percent to 5,930 won.
Keangnam Enterprises last week issued 81,986 shares to its creditors at 5,000 won apiece last week. Their balance sheet as result improved through conversion of debt into equity capital.
The constructors, under court receivership for nearly three years, have been put up for sale several times by the bankruptcy court but failed to draw buyers. The court and creditors hope their improved balance sheet would add appeal to their sales prospects.
Last month, Kyeangnam sold its subsidiary Suwan Energy to Samick Musical Instruments, the nation’s leading piano-maker. Sambu Construction also was able to pay back its debt through proceeds from sale of profit-making unit Sambu Construction Industrial Co. Korea Autoglass Corp., a unit of building materials maker earlier this year.
By Yoo Tae-yang
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]