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Samsung Heavy Industries sells Doosan Engine shares to improve liquidity

Collected: 2016.05.12

Distributed: 2016.05.16

Source: Go Direct

[Photo by samsung Heavy Industries]

Samsung Heavy Industries Co., world’s third-largest shipbuilder, has sold all of its shares in South Korea’s Doosan Engine Co., a move that will slightly ease liquidity problems through a fund-raising of 37.3 billion won ($32.1 million) from the sale.

According to multiple sources from the investment bank industry on Thursday, Samsung Heavy Industries sold 9,815,000 shares or 14.12 percent of Doosan Engine stake in an after-trading-hour block trade on Wednesday. Shares were each sold at 3,800 won, an 8.2 percent discounted price from the day’s closing price of 4,140 won. The block deal - which was managed by Samsung Securities Co. - raised sales of 37.3 billion won.

Major shareholders of Doosan Engine include Doosan Heavy Industries & Construction Co. with 42.66 percent, Samsung Heavy Industries with 14.12 percent, and Daewoo Shipbuilding & Marine Engineering Co. with 3.68 percent.

An unnamed official from the investment bank industry said that Samsung Heavy Industries promoted the stock sale to improve its financial structure.

Meanwhile, Samsung Heavy Industries is expected to submit a voluntary restructuring plan to the country’s financial authority that includes selling 170 billion won worth of property assets including a five-star hotel in the southern port of Geoje, South Gyeongsang. Three Korean shipbuilding majors including Samsung Heavy have been making heavy losses amid setbacks in mega deals in offshore drilling ventures due to slump in global economy and oil prices. Samsung Heavy incurred an operating loss of 1.5 trillion won last year.

By Kang Doo-soon, Han Woo-ram

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