Samsung Heavy raises 1.28 trillion won via new share sale

By Nam Kwang-sik

SEOUL, Nov. 1 (Yonhap) -- Samsung Heavy Industries Co. said Monday that it has raised 1.28 trillion won (US$1.1 billion) through the sale of its new shares.

The shipbuilder's 250 million new shares were oversubscribed by existing shareholders and its workers, Samsung Heavy said in an emailed statement.

The subscription rate was 103.3 percent, while the common shares oversubscribed by the existing shareholders and the workers numbered 17.82 million shares, Samsung Heavy said.

Samsung Heavy will offer to the public 73,317 shares, which were left after allotting the new shares to its shareholders and workers, on Tuesday and Wednesday.

The new shares will be listed on the local main stock market on Nov. 19.

Samsung Heavy Industries, which has been suffering from continued losses, sold 250 million common shares at 5,130 won per share.

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

Samsung Heavy Industries' six affiliates, including Samsung Electronics Co., have bought the shipbuilders' new shares for a total of 233.5 billion won, the shipbuilder said.

Samsung Heavy said it will use the proceeds from the sale of new shares to repay its debt and sharpen its competitive edge in developing eco-friendly ships.

ksnam@yna.co.kr
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