Korea’s E-Mart to delist troubled building unit for restructuring

Quick Summary:

E-Mart said its board of directors on Friday has decided to buy a 27.33% stake in Shinsegae Engineering & Construction Co.(Shinsegae E&C), or 2.12 million ordinary shares at 18,300 won per stock, a 19.06% premium over the company’s last closing price in a regulatory filing.Shinhan Securities Co.manages the tender offer.

South Korea’s largest supermarket chain E-Mart Inc.said on Monday it is set to delist its troubled construction subsidiary from the main local stock market after a 38.8 billion won ($29.7 million) tender offer, sending the company’s share prices to a four-month high.

After the announcement, Shinsegae E&C’s shares soared by 14.26% to 18,340 won on Monday, the highest since May 30.The share closed up 13.15% at 18,160 won, far outperforming a 2.13% loss in the benchmark Kospi.“The leadership is so determined to normalize the management of Shinsegae E&C as soon as possible that they decided to delist the company,” said an E-Mart official.

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Article Details

Category: Economy

Markets: South KoreaMali

Topics: Builder Delist Largest Offer Korea’s Stake Shinsegae South Construction E-mart Tender

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Article Type: News Report

Published On: 2024-09-30 @ 16:41:40 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 340 words

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