Korea Zinc shares drop after announcing $1.8 bln new share issuance (updated)

YoungPoong

30/10/2024 02:45

(Adds details, paragraphs 2-4)
       SEOUL, Oct 30 (Reuters) - Shares in Korea Zinc
 010130.KS  fell as much as 29.9% to their daily lower limit in
Wednesday's trade, after the company announced a capital
increase by issuing new shares worth 2.5 trillion won ($1.81
billion). 
    Korea Zinc said in a regulatory filing its board decided on
Wednesday to issue some 3.73 million shares at 670,000 won per
share. This was 57% lower than Tuesday's closing price of
1,543,000 won. 
       Korea Zinc said out of the 2.5 trillion won in funds to
be raised, 2.3 trillion won would be used to pay off debt. 
  
        The new shares will be listed on Dec. 18, the filing
said. 
  
        
  
($1 = 1,382.9400 won)

 (Reporting by Joyce Lee
Editing by Ed Davies)
 ((joyce.lee@tr.com;))