S.Korea's Amorepacific Group dives 10% after co plans to issue shares

AmorePacific Holdings

11/10/2019 07:15

** Shares of Amorepacific Group  002790.KS  drop more than
10% after co said it would issue new preferred shares worth 200
bln won ($168.34 mln)
    ** Those shares will be converted to ordinary shares about
10 years after the issue - regulatory filing http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20191010000345
 
    ** Co says the proceeds will be used to acquire stake in its
affliate AmorePacific Corp  090430.KS  
    ** The issuance caused dilution of existing shares in
Amorepacific Group, says Kim Hye-mi, an analyst from Cape
Investment & Securities
    ** The broader KOSPI market  .KS11  was trading up 1.2%

($1 = 1,188.0800 won)

 ((Hayoung.Choi@thomsonreuters.com; +82 2 6936 1468))