Samsung Heavy to raise 1.1 trillion won with new shares

[THE INVESTOR] Samsung Heavy Industries will issue 159.12 million new shares with the aim of raising about 1.1 trillion won (US$984 million).

The plans were approved in a board of directors meeting held Aug. 19, following a shareholders meeting. 

The board set the issue price at 6,920 won, a discount of 20 percent from the current market price. The price will be finalized Nov. 2.

The board also approved the plan to allocating 20 percent of the new shares to employee shareholders. The new shares will be allocated to shareholders at the ratio of 1:0.620895.

New shares that are not taken by existing shareholders will be opened to public subscription on Nov. 10 and 11.

By Choi He-suk (cheesuk@heraldcorp.com)