Korean construction materials manufacturer KCC Corp raised W697.2 billion $601 million last night through the sale of a 3% stake in Hyundai Heavy Industries, the world’s biggest shipbuilder.
This was Asia’s first major block trade this year and saw KCC take advantage of the fact that there are no competing transactions in the market. If KCC had waited much longer, it would also have run into the blackout period related to the fourth quarter results, a source said.
KCC sold 2.49 million shares in the Korean blue-chip at W280,000 apiece, which marked a discount of 3.9% versus yesterday’s close of W291,500. Encouragingly, the price was fixed at...
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