kookmin-parent-raises-296-million-from-share-sale

Kookmin parent raises $296 million from share sale

KB Financial Group makes use of a steep share price gain to complete the placement, but faces an immediate sell-off as stockmarkets react negatively to a decision not to bail out the US carmakers.

KB Financial Group, the new holding company of Korea’s largest lender, Kookmin Bank, raised W400 billion $296 million last Thursday from the sale of treasury shares through an accelerated bookbuild the first share placement of size by an Asian company in almost three months.

KBFG held 73.6 million treasury shares as a result of the group restructuring before its establishment as the group holding company on September 29 and had been required by the government to sell about 18.5 million of those 5% of the company by the end of March 2009. Last week’s sale of 11.85 million shares represented a 3.2% stake and sources say KBFG is looking to sell the remainder to a...

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