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[THE INVESTOR] Samsung Heavy Industries on Aug. 19 raised the ceiling on the number of shares it can issue by 200 million, in preparation for raising capital.
With the changes, the maximum number of shares the company can issue has been raised to 500 million.
Hit by the industry’s prolonged slowdown, Samsung Heavy plans to raise about 1 trillion won (US$900 million).
According to a review by Samjong KPMG, Samsung Heavy could face a liquidity shortage of 1.6 trillion won in the worst-case scenario.
With the changes, the maximum number of shares the company can issue has been raised to 500 million.
Hit by the industry’s prolonged slowdown, Samsung Heavy plans to raise about 1 trillion won (US$900 million).
According to a review by Samjong KPMG, Samsung Heavy could face a liquidity shortage of 1.6 trillion won in the worst-case scenario.
“Despite (the company’s) efforts, capital increase is unavoidable in order to secure a stable supply of operating funds,” Samsung Heavy CEO Park Dae-young said at the shareholders’ meeting. He added the company is at a point that needs capital increase to prepare for contingencies.
As for participation of Samsung Group affiliates and Samsung Electronics Vice Chairman Lee Jae-yong in the capital increase, Park said that it was up to the companies’ and that he had no knowledge of Lee’s plans.
At present, Samsung Electronics holds the largest stakes in the shipbuilder among Samsung Group companies, with 17.62 percent.
By Choi He-suk (cheesuk@heraldcorp.com)
