KDB Industrial Bank Converts 1 Trillion KRW HMM Perpetual Bonds into Shares
Industrial Bank of Korea and Korea Ocean Business Corporation converted HMM perpetual bonds worth 1 trillion won into shares.
On the 20th, Industrial Bank of Korea announced that it would exercise the stock conversion rights for the 192nd convertible bonds (CB) and the 193rd bonds with warrants (BW).
The number of shares requested for conversion was 80 million and 120 million respectively, with a conversion price of 5,000 won.
As a result of the stock conversion, the shareholding ratio of Industrial Bank of Korea and Korea Ocean Business Corporation will increase from the existing 40.6% to 57.9%.
Earlier, the two institutions announced in July during the HMM management rights sale notice that they would convert perpetual bonds worth 1 trillion won into shares for sale.
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On the same day, HMM's stock price fell 5.64% due to concerns over stock value dilution.
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