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Biz News Korea(Eng)
Samsung Securities to issue $297 mn worth new shares
- Collected
- 2016.12.22
- Distributed
- 2016.12.23
- Source
- Go Direct
The brokerage unit of Samsung Group said on Tuesday that it will sell 12,864,835 new shares worth 354 billion won at 27,550 won apiece. Retail investors will be given a chance to buy any new issues that are unsubscribed to existing shareholders. It aims to list new shares on 27th March 2017.
Following the sale of new shares, Samsung Securities’ capital is expected to jump to 4.1 trillion won, surpassing the minimum equity capital requirement of 4 trillion won for the establishment of a large-sized investment bank. Previously, it has successfully raised its capital to 3.8 trillion won after selling 10.94 percent treasury stocks to Samsung Life Insurance.
As only large investment banks with equity capital of 4 trillion won or above are allowed to provide corporate lending and foreign exchange services in Korea, the nation’s top five securities companies, including Samsung Securities and Mirae Asset Securities, have been aggressively raising capital through mergers and acquisitions, as well as new share issuance.
Based on its increased capital, Samsung Securities aims to offer its clients the best asset management services, the company said.
Samsung Securities stock closed at 31,950 won on Wednesday, down 4.9 percent, or 1,650 won, from the previous session.
By Han Ye-kyung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]