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Biz News Korea(Eng)
Industrial Bank of Korea sells entire 3.4% stake in E-Mart
- Collected
- 2017.02.24
- Distributed
- 2017.02.27
- Source
- Go Direct
The Industrial Bank of Korea disposed of 939,480 shares in E-Mart in an after-hour trade on Thursday to fetch 193.5 billion won. The offering was sold at 206,000 won, off 4.19 percent from Thursday’s closing of 215,000 won but at the upper end of the offered range of 200,000 won and 208,500 won.
About 65 percent of the offering went to foreign investors and 35 percent to local institutions.
The sale was led by HSBC Securities and Samsung Securities.
The state lender received the shares in E-Mart from the government in 2007. The shares were handed over by Chung Yong-jin, vice chairman of Shinsegae Group and Chung Yoo-kyung, president of Shinsegae Department Store among the stake they received from their father Shinsegae Group Honorary Chairman Chung Jae-eun in 2007 in lieu of inheritance tax.
After Shinsegae spun off the big-box store chain in 2011, the state bank sold off 86.6 billion won worth in the shares in October 2013 and the rest on Thursday.
Although below the original value of 232.3 billion won, the bank has booked the stake valued at 147.7 billion won due to falling in the share prices. The sale would add a one-time gain of 45.6 billion in this year’s income statement.
The state bank also plans to sell its 6.93 percent stake in tobacco monopoly KT&G this year.
By Kang Doo-soon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]