S-Oil attracted around 20 new investors in a Wednesday evening block trade organized by Good Morning Securities and JPMorgan.
The $90.5 million block represented 4.5 days of trading and was priced at W71,000, a 3.5% discount to the closing price of W73,600. In yesterday's trading the stock traded down to the W71,000 level.
The block was being issued on behalf of 269 petrol station owners that owned a combined 3% of S-Oil's equity. The block represented 1% of S-Oil's outstanding shares.
The petrol station owners divested the stock to pay down a loan that S-Oil had originally granted them to finance the...