[Featured Stock] Lotte Chilsung Falls 4% on Block Deal News
[Asia Economy Reporter Lee Seon-ae] On the 9th, Lotte Chilsung's stock price is on a decline. It is interpreted that the news of Hotel Lotte's stake in Lotte Chilsung Beverage being put up for block deal sale influenced this trend.
As of 9:16 AM on the same day, Lotte Chilsung is trading at 186,000 KRW, down 4.62% from the previous trading day.
After the market closed the previous day, Hotel Lotte initiated a block deal institutional demand forecast for 200,000 shares of Lotte Chilsung Beverage it holds. The discount rate band per share for the sale is around 3~5% compared to the previous closing price. Samsung Securities was solely in charge as the lead manager for this block deal sale.
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If Hotel Lotte succeeds in this block deal, it will secure liquidity of 37 billion KRW. Hotel Lotte stated regarding this deal, "It is being pursued to secure liquidity through stock sales and to defend the credit rating."
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