Hanwha Chemical has reduced its stake in Hanwha Life Insurance through a block trade that priced at a discount of 9.7% to the latest close and raised W122.4 billion $112 million, a source said yesterday.
The deal was launched at around 3.40pm Hong Kong time on Monday and completed early yesterday. It saw Hanwha Chemical sell a 1.9% stake in the insurance company, which was previously known as Korea Life Insurance, reducing its holdings to 1.8% from 3.7%.
It sold 17 million shares at a price of W7,200 each. The shares were marketed in a range between W7,200 and W7,500, which translated into a discount of...
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