Kumho Tire says to issue shares to China's Doublestar worth $604 mln

Kumho Tire

06/04/2018 10:13

SEOUL, April 6 (Reuters) - South Korea's Kumho Tire
 073240.KS  said on Friday that it plans to issue new shares
worth 646 billion won ($604.99 million) to Qingdao Doublestar Co
Ltd  000599.SZ  as part of an agreed deal for the Chinese
company to assume control over it.
    It will offer 129.27 million common shares at a price of
5,000 won each, Kumho Tire said in a regulatory filing.   
Doublestar had announced the deal last month through which it is
buying a 45 percent stake in the South Korean tyre maker.
 urn:newsml:reuters.com:*:nL4N1QN2L0  
($1 = 1,067.7900 won)

 (Reporting by Hyunjoo Jin
Editing by Muralikumar Anantharaman)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))