Samsung Heavy to Sell Its Shares
South Korean shipbuilder Samsung Heavy Industries (SHI) is looking to raise up to KRW 1.14 trillion (USD 997 million), according to the company’s stock exchange filing.
Namely, the shipbuilder said that it would issue over 159,1 million shares at a price of KRW 7.1 per share, starting on November 7, MANA correspondent reported.
The announcement comes on the back of Samsung Heavy Industries’ report of a profitable third quarter of 2016 as the shipbuilder’s net income stood at KRW 128.6 billion during the period, representing a turnaround compared to a net loss of KRW 212.4 billion seen in the second quarter of the year.
SHI’s operating profit for the third quarter was at KRW 84 billion, up from an operating loss of KRW 283.3 billion recorded three months earlier.
The company’s turnaround follows a number of cost-cutting measures introduced as part of its self-rescue plan, revealed in June this year