Korea Exchange Bank (KEX) sold a 4.22% stake in Doosan Heavy Industries & Construction after Monday's close, raising Won80.96 billion ($78 million) from the ABN AMRO Rothschild led deal.
A total of 4.4 million shares were sold at a fixed price of Won18,400 per share, which represented a 3.92% discount to the group's Won19,150 close earlier the same day. The transaction was built around reverse enquiry demand from one account that did not currently own the stock and took a large chunk of the final deal.
In total it was placed to less than 10 accounts, of which 80% were existing holders.
The new transaction marks the fourth by KEB over the last 12 months. It has now raised a cumulative total of $207 million and is left with a residual 2% stake.
Year-to-date Doosan Heavy has been a strong outperformer, rising 72.46% to Tuesday's close. Earlier this year the company bought a 51% stake in Daewoo Heavy from KDB and Kamco for $1.8 billion.
Doosan manufactures and installs plant equipment, such as steam turbines and boilers and also owns a number of nucelar power plants and a desalination business. Eearlier this month it was reported to have won an $800 million order to build the world's largest water desalination plant in Saudi Arabia.
