Hyundai Samho Heavy Industries, a Korean shipbuilder, raised Won 226.15 billion $190.8 million after offloading its entire stake in steelmaker Posco following Tuesday's close.
The deal comes at a time when Posco is trading at a historically low valuation and investors stand primed for any signs of a turnround in sentiment towards the beleaguered steel sector.
The proceeds also represent a much needed cash infusion for Hyundai Samho, which has been suffering from falling and cancelled orders in line with the equally battered shipbuilding sector.
The 1.308 million share trade was priced at Won 172,900 after being marketed on a range of Won...
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