KB Financial keeps rights issue price at W37,250 per share

KB Financial Group, the owner of Korea's Kookmin Bank, has finalised the subscription price for this week's rights offering at W37,250 per share, which will allow it to raise W1.12 trillion $907 million at today's exchange rate.

The final price is equal to the first reference price that was set on July 22, which was to be expected since KB Financial's share price has edged 2.4% higher since then. When the second reference price was set after the close of trading on Friday, it ended up just above W40,000 and since the final price was to be the lower of the two, the first reference price of W37,250 will stand. The reference prices are...