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Doosan Heavy to raise 1.2 tln won via stock sale

All News 17:58 December 01, 2020

By Nam Kwang-sik

SEOUL, Dec. 1 (Yonhap) -- Cash-strapped Doosan Heavy Industries & Construction Co. said Tuesday that it will sell shares worth 1.2 trillion won (US$1.1 billion) late this month to repay its debts.

The country's largest power equipment maker will issue about 121 million new shares at 9,980 won apiece on Dec. 24, it said in a regulatory filing.

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

Its short-term debts, due this year, reach 4.2 trillion won.

This photo shows the logo of Doosan Group, to which Doosan Heavy Industries & Construction Co. belongs, in central Seoul. (Yonhap)

ksnam@yna.co.kr
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