Shares of Doosan Heavy plunge on reports of new share sale

By Nam Kwang-sik

SEOUL, Nov. 29 (Yonhap) — Shares of Doosan Heavy Industries Co. tumbled Monday after it announced its plan to sell new shares to raise 1.5 trillion won (US$1.25 billion) last week.

Shares of Doosan Heavy closed at 19,900 won on the Seoul bourse, down 13.67 percent from the previous session, as institutional investors dumped their holdings worth 878 billion won.

During intra-day trading, shares of Doosan Heavy fell 14.75 percent to 19,650 won.

The sale of new shares at a company to raise funds usually hurts the company’s share prices, as it decreases existing shareholders’ equity.

Shares of Doosan Heavy plunge on reports of new share sale

Doosan Heavy said Friday its board of directors has decided to raise 1.5 trillion won by selling new shares to repay its debts and invest in eco-friendly business.

Doosan Heavy said it will use 700 billion won of the proceeds to repay its debts while investing 800 billion won in its new growth businesses, such as hydrogen turbines, offshore wind farms and small modular reactors.

Doosan Heavy said it plans to issue 82.87 million common shares at 18,100 won apiece.

Doosan Heavy also decided on Nov. 19 to hand over the managerial rights of its construction subsidiary Doosan Engineering & Construction Co. and the builder’s 54 percent stake to The Zenith Holdings Co., an investment company, for 250 billion won.

Doosan Heavy, which has been carrying out a self-rescue plan, sold new shares worth 1.2 trillion won to repay its debts in December.

In March 2020, Doosan Heavy received a cash injection of 3 trillion won from its creditors, including the state-run Korea Development Bank, amid a liquidity crunch, in exchange for asset sales and other cost-cutting measures.

ksnam@yna.co.kr
(END)

News Related

OTHER NEWS

KRX ramps up efforts for global revaluation of S. Korean stock market

By Chung Joo-won SEOUL, Jan. 25 (Yonhap) – South Korea’s bourse operator is seeking to build a strong initiative and upgraded services to shoot for the revaluation of the country’s ... Read more »

MOEX index up 1.03% to 3,268.75 points at trade start

By 07:06 Moscow Time, the index was at 3,285.71 points Read more »

Dollar grows to 78.79 rubles on Moscow Exchange

The euro declined by 3.5 kopecks to 89.15 rubles Read more »

Mercedes-Benz to beef up EV lineup in S. Korea

SEOUL, Jan. 25 (Yonhap) — Mercedes-Benz Korea said Tuesday it will continue to beef up its electric vehicle lineup in South Korea to meet changing customer demands and follow the ... Read more »

Current heating season in Ukraine to proceed smoothly - premier

At the same time, the Prime Minister Denis Shmygal reassured that his government "has a Plan B" Read more »

S. Korean trade minister to visit U.S. for talks on global supply chains

SEOUL, Jan. 25 (Yonhap) — South Korean Trade Minister Yeo Han-koo will visit the United States from this week to discuss bilateral cooperation on global supply chains and other trade ... Read more »

(2nd LD) S. Korea's economy grows 4 pct in 2021, highest in 11 years

(ATTN: ADDS BOK official’s comments, more info in paras 6-8, last 2 paras) SEOUL, Jan. 25 (Yonhap) — South Korea’s economy posted the highest growth rate in 11 years as ... Read more »

Korea's economy grows 4% in 2021, highest in 11 years

gettyimagesbank South Korea’s economy is estimated to have grown 4 percent in 2021, marking the highest growth rate in 11 years, central bank data showed Tuesday. The growth was higher ... Read more »

(LEAD) S. Korea's economy grows 4 pct in 2021, highest in 11 years

(ATTN: RECASTS first 4 paras; ADDS info throughout, photo) SEOUL, Jan. 25 (Yonhap) — South Korea’s economy posted the highest growth rate in 11 years as consumption and exports bounced ... Read more »

(LEAD) S. Korea to improve FX market system to win MSCI developed market status

(ATTN: UPDATES with more details in paras 2-3, 13-21) SEOUL, Jan. 25 (Yonhap) — South Korea said Tuesday it plans to improve the foreign exchange market system to better ensure ... Read more »

Adidas To release trio Of LeBron James sneakers from 2003

Each of the T-Mac 1, T-Mac 2, and Pro Model 2G will feature James’ 23 logos embroidered onto the upper. A trio of Adidas silhouettes worn by LeBron James throughout his ... Read more »

S. Korea's economy grows 4 pct in 2021, highest in 11 years

SEOUL, Jan. 25 (Yonhap) — South Korea’s economy is estimated to have grown 4 percent in 2021, marking the highest growth rate in 11 years, central bank data showed Tuesday. ... Read more »

McDonald's job application forms turned into NFTs

The circulation of the NFT collection dubbed McDonald’s Job Application comes as bitcoin trades at half its record price from November. McDonald’s now has parody non-fungible tokens (NFTs) for 1,111 ... Read more »

S. Korea to improve FX market system to win MSCI developed market status

SEOUL, Jan. 25 (Yonhap) — South Korea said Tuesday it plans to improve the foreign exchange market system to better ensure foreign investors’ market access as it seeks to win ... Read more »

(URGENT) South Korea's economy grows 4 pct in 2021, highest in 11 years: BOK

(END) Read more »

French eurgeon faces legal action for trying to sell gunshot X-ray as NFT

An x-ray of a forearm with a gunshot injury. French orthopedic surgeon Emmanuel Masmejean faces legal action and a possible disciplinary charge for attempting to sell an X-ray as a ... Read more »

RTS Index may drop to 1,000 points, experts say

According to experts, the ruble-denominated MOEX Russia Index can roll back to about 2,500 points Read more »

Russian gas transit to Poland suspended from January 19 — operator

Gas transit via Drozdovichi gas metering station stood at 3.77 mln cubic meters on January 17 Read more »

Gas reserves record low in European, Ukrainian UGS — Gazprom

As of January 22, the active gas volume in European storages was 26% lower than last year Read more »

Gazprom registers new daily record of gas supplies to China

Earlier, it was reported that Russian gas supplies to China during the first half of January were 1.5 times higher than the figure in the like period of the last year Read more »

Reports about reducing gas supplies to EU amid sanctions are ‘fake hysteria' — Kremlin

In the most difficult moments of confrontation between East and West, Russia flawlessly fulfilled its contractual obligations, Dmitry Peskov recalled Read more »

Gas prices in Europe surpass $1,100 first time since December 27

The overall increase in gas prices since the beginning of the trading day is 19.4% Read more »

Bank of Russia suspends currency buying on domestic market from January 24

This decision was made for purposes of increasing predictability in actions of monetary authorities and reduction of financial markets volatility Read more »

Dollar exchange rate exceeds 79 rubles on Moscow Exchange first since November 2020

The euro exchange exeeded 89 rubles Read more »

Euro exchange rate exceeds 88 rubles on Moscow Exchange

It is the highest level since January 14, 2022 Read more »

MC Interview | Future of work is both a crisis and an opportunity, and the idea of a stable job no longer exists: Ravi Venkatesan

The future of work is changing fast, and presents a crisis, and an opportunity, argues Ravi Venkatesan, a former chairman of Microsoft India and at Bank of Baroda. “The idea ... Read more »

Extra budget feared to lead to rate hikes, inflation, burdening vulnerable

Business owners set to be affected by rising lending rates, consumer prices By Kim Bo-eun Finance Minister Hong Nam-ki speaks about the government’s 14-trillion-won ($11.7 billion) extra budget plan at ... Read more »

Chevron, Total energy companies withdrawing from Myanmar

Photo by: Luis Ramirez/Unsplash Chevron and TotalEnergies are two of the leading energy and oil companies, and it was revealed late last week that both are pulling out of Myanmar. ... Read more »

Markets wrap: Mega miners and technology firms drag ASX to eight-month low

Investors were left licking their wounds on Monday as a rolling equities rout spilt into a new week, dragging the Australian sharemarket to eight-month lows. Mining and technology stocks were ... Read more »

Number of 'discouraged workers' in Korea hits new high in 2021

gettyimagesbank The number of “discouraged workers” in Korea touched a fresh all-time high in 2021 due to a weak job market amid the prolonged coronavirus pandemic, government data showed Monday.Asia’s ... Read more »

PM implores people to refrain from traveling during Lunar New Year over omicron

SEOUL, Jan. 24 (Yonhap) — Prime Minister Kim Boo-kyum on Monday asked people to refrain from traveling during the Lunar New Year holiday, as the highly transmissible omicron variant is ... Read more »

Dollar down to 77.24 rubles as trading on Moscow Exchange opens

Euro down to 87.5 rubles Read more »

BOK successfully completes 1st phase of mock test of digital currency

SEOUL, Jan. 24 (Yonhap) — The Bank of Korea (BOK) said Monday it has successfully completed its first phase of a two-step mock test of the feasibility of a central ... Read more »

Jeju Air to adopt cargo plane for 1st time among budget airlines

SEOUL, Jan. 24 (Yonhap) — Jeju Air Co., South Korea’s biggest low-cost carrier, said Monday it will adopt a cargo plane for the first time among local LCCs to ride ... Read more »

Biz hour curbs cause largest drop in in-person spending among all measures: BOK report

By Koh Byung-joon SEOUL, Jan. 24 (Yonhap) — Curbs on business operation hours have resulted in the biggest shrinkage in the “consumption of in-person services” among various antivirus measures introduced ... Read more »

Public firms to hire over 26,000 new regular workers this year: gov't

SEOUL, Jan. 24 (Yonhap) — South Korea’s public institutions plan to hire more than 26,000 new regular workers this year in an effort to help buttress job creation, the finance ... Read more »

Doosan Heavy wins 160 bln-won plant order in Germany

SEOUL, Jan. 24 (Yonhap) — Doosan Heavy Industries & Construction Co., a South Korean plant builder, said Monday its German subsidiary has received a 160 billion-won (US$134 million) order for ... Read more »

Kia aims to sell 25,000 Niros in S. Korea this year

SEOUL, Jan. 24 (Yonhap) — Kia Corp., South Korea’s second-biggest carmaker, said Monday it aims to sell 25,000 units of the all-new Niro SUV model in the domestic market this ... Read more »

Air Busan opens Busan-Saipan route amid pandemic

SEOUL, Jan. 24 (Yonhap) — Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Monday it has opened the Busan-Saipan route following a travel bubble agreement. On ... Read more »

S. Korea's public golf courses push operating profits 40% on the back of golf boom

Victoria Golf Club in Yeoju, Gyeonggi Province. South Korean public golf courses pushed their operating profits to an all-time high of 40.5 percent as they hiked their green fees 19 ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic