Doosan Heavy tumbles to over 14-year low on new share issue plan

Doosan Enerbility Co

22/02/2019 01:12

** South Korea's Doosan Heavy Industries & Construction
 034020.KS  shares fall as much as 9.9 percent to their lowest
level since September 2004     
    ** The shipbuilder on Thursday announced plan to issue new
shares worth 608 billion won ($540 million)
    ** It will buy 300 billion won worth of new shares to be
issued by unit Doosan Engineering & Construction  034020.KS  
    ** Lee Dong-hyun, an analyst at Daeshin Securities, says the
size of the share issue by the shipbuilder is larger than
expected, cuts target price
    ** Lee says support for Doosan Heavy's unit weighs on its
shares given ongoing uncertainty in the construction market  
    ** The broader KOSPI market  .KS11  was trading down 0.2
percent pct as of 0105 GMT
($1 = 1,125.7300 won)

 ((Reuters Messaging:
hyunjoo.jin.thomsonreuters.com@reuters.net))