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Trading of Samsung Heavy's preferred stocks halted again after 14-fold jump in 13 sessions

All News 17:27 June 18, 2020

By Nam Kwang-sik

SEOUL, June 18 (Yonhap) -- Trading of preference shares in Samsung Heavy Industries Co., a major shipyard, was again suspended on the Seoul bourse on Thursday after a 14-fold rise in 13 sessions.

Samsung Heavy's preferred stocks closed at 744,000 won (US$612) on Wednesday, up from 54,500 won on June 1. Over the same period, common shares in Samsung Heavy advanced 30 percent to 6,470 won from 4,980 won.

This file photo provided by Samsung Heavy Industries Co. shows a shuttle tanker designed for oil transport from an offshore oil field. (PHOTO NOT FOR SALE) (Yonhap)

Trading of Samsung Heavy's preferred stocks was also suspended on June 9 and June 12 due to their abnormal rise.

Preference shares usually pay higher dividends than common stocks. Holders of such shares have the right to receive dividends ahead of ordinary shareholders, but have no right to vote at shareholders' meetings.

Shares in local shipbuilders, like Korea Shipbuilding & Offshore Engineering Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries, traded sharply higher on the back of news that they signed a preliminary deal to build about 100 liquefied natural gas (LNG) carriers from Qatar released on June 2.

ksnam@yna.co.kr
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