KDB raises $293m in Kumho Petro block

The Korean policy bank took advantage of a rise in Kumho’s stock price to launch the clean-up trade.

Korean Development Bank raised $293 million from a clean-up trade in Kumho Petro Chemical on Wednesday, taking advantage of a 3.3% one-day rise in the company’s shares to launch the share sale.

On offer were approximately 4.3 million secondary shares at an indicative price range between W75,671 to W78,979 per unit, representing a 4.5% to 8.5% discount to the June 3 closing price of W82,700 per share, according to a term sheet seen by FinanceAsia.

KDB saw the the 3.3% rise in shares as an opportune time to offload its entire 14.05% stake in the synthetic rubber and rubber chemical manufacturer. Year-to-date, shares are up...

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