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Biz News Korea(Eng)
Samsung Heavy Industries to issue new rights within the year
- Collected
- 2016.06.29
- Distributed
- 2016.06.30
- Source
- Go Direct
According to sources on Monday, Samsung Heavy Industries reportedly notified its main creditor Korea Development Bank of its plan on rights offering within the year. It will hold shareholders’ meeting on August 19 to seek approval to change corporate articles and increase the number of outstanding shares to allow new issues.
The company has to change corporate articles to up the number of outstanding shares from the current cap of 300 million shares, 240 million in common and 60 million in preferred stocks. It already has 230,880,000 common stocks and 114,875 preferred stocks in circulation.
Market watchers anticipate the new rights will be placed to majority shareholders like Samsung Electronics, its largest with 17.62 percent stake, and other Samsung affiliated companies rather than to other random third parties.
Samsung Group earlier this year stepped in to aid another ailing unit Samsung Engineering Co., which was in danger of becoming delisted due to overwhelming debt, by participating in its rights offering worth 1.2 trillion won.
Creditors reportedly demanded group-led support to the cash-strapped shipbuilder in return for debt relief program.
By Park Yong-beom and Chung Seok-woo
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