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Biz News Korea(Eng)

Hanwha Investment & Securities bolsters capital via new stock issue

Collected: 2016.09.27

Distributed: 2016.09.28

Source: Go Direct

Hanwha Investment & Securities Co., a brokerage unit of South Korean conglomerate Hanwha Group, has improved capital by issuing new stocks worth about 200 billion won ($180 million). The brokerage firm had suffered huge losses from equity-linked securities (ELS).

The securities firm said on Monday that the offering in new issues worth 200 billion won was fully subscribed. The firm has offered 89,086,860 new shares at 2,245 won per share to existing shareholders. The forsaken 1,655,406 shares worth 4.7 billion won became available to new investors on Thursday. The supply was met with overwhelming bids of 510.7 billion won worth.

To ensure the sale plan goes well, its largest shareholder Hanwha Advanced Materials Corp. and other sister companies as well as company employees oversubscribed their share.

Market observers do not believe the stock price will be hurt by speculative selling as the new shares mostly went to existing shareholders.

The securities firm plans to use the proceeds to bolster its investment banking sector. The new stocks would go public on October 7. Its shares closed Monday at 2,385 won, up 10 won from the previous session.

By Han Woo-ram

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