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Biz News Korea(Eng)

Posco sells shares in Shinhan, Hana, raising $225mn cash

Collected: 2016.11.22

Distributed: 2016.11.23

Source: Go Direct

South Korea’s largest steelmaker Posco on Monday disposed of 4.37 million shares tantamount to 0.92 percent stake in Shinhan Financial Group and 2.43 million shares in Hana Financial Group in private placements, raising a total of 264.9 billion won ($225.4 million) and further improving its balance sheet.

The sale has been part of the steelmaker’s endeavors over the last two years to liquidate non-core assets and money-losing operations to become leaner against protracted industry slump weighed down by overcapacity and poor demand.

Posco sold off a total 4,369,881 shares in Shinhan Financial Group at 42,650 won, discounted by 2.96 percent from Monday’s closing of 43,950 won. Citigroup Global Markets Korea Securities and JP Morgan led-managed the after-trade-hour deal that earned the steelmaker 186.4 billion won.

On the same day, Posco sold 2,430,498 shares of another strong bank player - Hana Financial Group - in a club deal. A club deal, also referred to as a syndicated investment, is a transaction where a number of private equity groups provide capital for the acquisition of a target that is larger than any one party could execute on their own. The deal pulled in 78.5 billion won.

By Yong Hwan-jin

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