Samsung Heavy Industries is turning to existing shareholders for fresh capital for the second time in three years, as the struggling shipbuilder presses ahead with plans to raise W1.6 trillion $1.5 billion from what could be biggest rights issue in Korean history.
The cash call, first announced in December and finalised on Friday, comes soon after the shipbuilding heavyweight announced a full-year operating loss of $492 million in 2017, marking the third consecutive year of losses since 2015 as shipbuilding orders fell amid a sharp plunge in oil prices.
The oil price is crucial to shipbuilders because it drives offshore production and exploration, and in turn increases...
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