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Biz News Korea(Eng)
Hyundai Securities stock to be traded to KB Financial Group to become fully-owned entity
- Collected
- 2016.08.04
- Distributed
- 2016.08.05
- Source
- Go Direct
KB owns 29.62 percent in the brokerage house through purchase of stockholding by Hyundai Merchant Marine and treasury shares at a cost of 1.35 trillion won in April. The financial holding company will spend additional 1.13 trillion won to buy remaining 70.38 percent from the market, bringing up the total price for its acquisition to 2.48 trillion won. The company will issue new shares that can each be exchanged for 0.1907312 Hyundai Securities stock. In short five Hyundai Securities shares would buy one KB stock.
The proposal would be put to a vote on Oct. 25 shareholders’ meeting and demands approval from more than two thirds of the attendees. Those opposing must apply for claim to sell the shares by Nov. 4. KB offers to buy the share at 6,637 won ($5.94) apiece, lower than closing price of 6,880 won on Wednesday.
Once the company shares are all converted into KB group shares, Hyundai Securities will delist on Nov. 22. The financial group wants to make the company non-trading asset to merge it with another unlisted entity KB Investment & Securities Co. on equal grounds.
KB Financial Group shares closed Wednesday at 35,300 won, up 100 won or 0.28 percent from the previous session.
By Chun Gyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]