Seoul: HD Korea Shipbuilding and Offshore Engineering (HD KSOE) announced plans to sell 600 billion won (US$419 million) worth of bonds exchangeable into its stocks. The company revealed this strategic move on Tuesday, aiming to bolster its financial resources for various purposes.
According to Yonhap News Agency, the proceeds from the five-year bond sale will be allocated towards operational needs, investment opportunities, and research and development projects. This issuance will enable HD KSOE to maintain its competitive edge in the shipbuilding and offshore engineering industry.
The bonds will be exchangeable into approximately 1.73 million shares at a price of 346,705 won per share, as stated by the shipbuilder. On the same day of the announcement, HD KSOE's stock closed at 223,500 won on the Seoul bourse, marking a 5.67 percent increase from the previous session's closing price.