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Article: S KOREA'S HYUNDAI ELEVATOR TO BECOME PUBLIC CORPORATION.
- Article from:
- AsiaPulse News
- Article date:
- November 17, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEOUL, Nov 17 Asia Pulse - Hyundai Elevator Co., a holding company of the embattled Hyundai Group, declared today that it will transform itself into a public corporation in a bid to prevent a takeover by the Kumgang Korea Chemical (KCC) Group.
In a stock market disclosure, Hyundai Elevator said it will issue 10 million new shares, or 178 per cent of the existing 5.61 million shares, for sale to the public. The new shares will be sold for 42,700 won (US$36.2) apiece, representing a discount of 30 per cent from the current market value.
The massive stock offering, slated for Dec. 1 and 2, will increase the company's capitalization from the present 28.1 ...