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Biz News Korea(Eng)
Samsung Heavy Industries to hold shareholders’ meeting in Aug to ready rights offering
- Collected
- 2016.06.29
- Distributed
- 2016.06.30
- Source
- Go Direct
The troubled shipbuilder struggling to stay afloat amid a dearth of new orders on June 9 said that it was planning to raise funds by issuing new shares as a part of its self-rescue plan to come up with 1.5 trillion won ($1.3 billion). To issue new shares, the company needs to change the corporate articles requiring shareholders’ approval. The company shares are capped at 240 million issues under the corporate article. It already has 231 million shares in circulation.
Industry watchers predict that the new offering would raise about 1 trillion won. And they also expect the rights will be placed to sister companies Samsung Electronics, which is the largest shareholder with 17.62 percent stake, and Samsung Life Insurance, Samsung Electro-Mechanics, and Samsung SDI rather than other random parties. Creditors previously demanded aid from lucrative Samsung Group companies to help out the troubled ship-maker in return for granting debt relief.
Jay Y. Lee, Samsung Group heir apparent and Samsung Electronics vice chairman, could contribute as he had offered to do when another troubled Samsung Engineering issued 1.2 trillion won worth in new shares to improve cash flow earlier this year.
Details - the scope, timing, and method - would be decided later, said an official at Samsung Heavy Industries.
By Yoon Jin-ho
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]