KB Financial announces $777 million rights issue

The owner of Korea's Kookmin Bank halves its original deal size, while Singapore-listed Neptune Orient Lines says its $996 million rights offering is oversubscribed.

KB Financial Group, the owner of Korea's Kookmin Bank, late Friday said it plans to raise approximately W1 trillion $777 million from an earlier announced rights issue. The renounceable offering will be open to investors who hold KB Financial shares on July 27 and the final offering price will be calculated on August 21.

The size of the offering is only half of the W2 trillion that the company had earlier indicated that it wanted to raise, based on information...

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