Daewoo Shipbuilding & Marine Engineering-capital increase

Daewoo Shipbuilding & Marine Engineering to raise 141.3 bln won via stock sale

SEOUL, May 23 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co. on Tuesday announced that it will sell stock to raise 141.3 billion won(US$107.7 million). The proceeds from the stock offering will be used primarily to pay off its debts.

According to a regulatory filing, the company will issue some 5.14 million common shares at a price of 27,467 won per share. The stock will be sold to the investors that the firm designated.

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