Four of Samsung Life Insurance's shareholders raised 311.9 billion won $300 million via an accelerated secondary share offering late Tuesday in Hong Kong. Samsung Electro-Mechanics, Samsung Fine Chemicals, Samsung SDS and Cheil Worldwide sold 3.3 million secondary shares, or 1.64% of the existing share capital.
The shares were priced at 94,944 won, towards the bottom end of a 94,000 won to 96,500 won indicative price range. This represents a 4% discount to the April 22 closing price of 98,900 won.
There is no lock-up, according to a term sheet.
Books were closed about two hours after launch with participation from 50 investors. There was...