JPMorgan launches Kumgang GDR

A $30 million GDR for Kumgang Korea Chemical will price on Tuesday.

In what may rank as the most petite GDR of the year, JPMorgan has launched a $30 million issue for Kumgang Korea Chemical.

The company is a Korean market leader in paints and building products and is popular with major institutional investors such as Capital and Fidelity - with foreign institutions owning about 40% of the company.

The timing of the GDR may strike some as strange. In fact, it is a legacy of a merger done in 2000 in which the company acquired Korea Chemical and was forced to buy back 13.1% of the company from dissenting shareholders and hold it as treasury stock. Regulations state that it must...

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