Samsung Engineering Co., the plant engineering unit of South Korea's top conglomerate Samsung Group, said Monday that it plans to raise 1.2 trillion won ($1.03 billion) by selling new shares in a bid to improve its financial status.
  

In a regulatory filing, the Samsung unit said that it plans to sell 156 million shares for around 7,700 won, with the final pricing to be determined on Feb. 3.
  

Lee Jae-yong, the group's heir apparent, will chip in up to 300 billion won for shares unsold after subscriptions from existing shareholders, it said.
  

Samsung SDI is the largest shareholder of Samsung Engineering with a 13.1 percent stake. Samsung C&T Corp., Samsung Fire and & Marine Insurance Co. and other affiliates hold a combined 22.03 percent stake in Samsung Engineering.
  

Samsung Engineering suffered an operating loss of 1.52 trillion won during the third quarter of the year due to a protracted slump in overseas plant projects.
  

The company is seeking to sell its headquarters building in downtown Seoul and other assets to buttress its capital base.
  

Samsung Engineering closed at 13,950 won on the Seoul bourse, down 2.79 percent from the previous session's close. (Yonhap)