Samsung Heavy to sell new shares to 6 group affiliates

Asia's Tech News Daily

By Nam Kwang-sik

SEOUL, Oct. 28 (Yonhap) — Samsung Heavy Industries Co. said Thursday it will allot part of new shares to six Samsung Group affiliates, including Samsung Electronics Co.

Samsung Heavy Industries, suffering from continued losses, plans to raise 1.28 trillion won (US$1.1 billion) by selling 250 million common shares at 5,130 won per share to repay its debt and develop eco-friendly shipbuilding technologies.

Of them, 50 million shares, or 20 percent, have been sold to the company’s workers for 256.5 billion won.

Later in the day, the shipbuilder’s board of directors decided to sell 33 million shares to Samsung Electronics for 171 billion won, raising the electronics maker’s stake in the shipbuilder to 16 percent, the company said in an emailed statement.

Under the decision, 4.5 million shares worth 23.1 billion won will be allotted to Samsung Electro-Mechanics Co., increasing the company’s stake in the shipbuilder to 2.2 percent.

Samsung Life Insurance Co. will buy 63.9 billion shares for 32.7 billion won. The insurance affiliate’s stake in the shipbuilder will be raised to 3.1 percent.

Samsung Heavy to sell new shares to 6 group affiliates

Three other group affiliates — Samsung SDI Co., Samsung C&T Corp., and Cheil Worldwide Inc. — also will buy the new shares, Samsung Heavy Industries said.

Samsung Heavy said the total amount of the new shares to be purchased by the six companies will come to 233.5 billion won.

If shareholders fail to buy the rest of the shares, they will be offered to the public on Nov. 2 and 3.

The new shares will be traded on the main stock market starting Nov. 19.

Samsung Heavy named NH Investment & Securities Co., Korea Investment & Securities Co. and Mirae Asset Securities Co. as co-managers for the share sale.

In May, Samsung Heavy said it plans to push for the capital reduction and sell new shares to put itself in better financial shape.

The shipbuilder had been suffering an accumulated deficit of over 2 trillion won.

The company cut its capital stock from 3.15 trillion won to 630 billion won by reducing the face value of its ordinary shares and preferred shares from 5,000 won to 1,000 won in July.

The capital surplus from the capital reduction will be used to repay the shipbuilder’s debts, the company said.

Samsung Heavy Industries said it is aiming to turn its earnings to a profit by 2023 on the back of recent brisk new orders for ships and an order to build Samsung Electronics’ plant,, along with a slate of efforts to improve financial health.

ksnam@yna.co.kr
(END)

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