Housing & Commercial - Re Rights Offering
February 06 1998 - 7:28AM
UK Regulatory
RNS No 6883v
HOUSING & COMMERCIAL BANK, KOREA
6th February 1998
Re: Housing & Commercial Bank, Korea Rights Offering
Please be advised that Housing & Commercial Bank, Korea announced the following
Rights Offering.
1. Issuer : Housing & Commerical Bank, Korea
2. Type of corporate action : Paid-in Capital increase
(Subscription rights will be entitled to shareholders.)
3. No. of new issues : 25,000,000 common voting shares
4. Subscription ratio : 0.31136643
* The portion not subscribed by shareholders will offered to public.
5. Record date : March 14, 1998
6. Subscription period
1) Shareholders : April 07 - April 08, 1998
2) Public offering (if any) : April 14 - April 15, 1998
7. Delivery date of new shares : from May 21, 1998
(On May 12, 1998, the new shares will be listed on the Korea Stock Exchange)
8. Subscription price : Preliminary issuing price will be notified on March 10,
1998 and fixed price will be notified on March 31, 1998, if the price of
outstanding shares goes down. If not, the preliminary price will be fixed
as the final price on March 31, 1998. The price will be determined based on
a theoretical price calculated in a set formula, which will be discounted by
30%.
9. Others
1) The new shares have the right to receive full dividends from 1999 (not
partial, i.e. full 1998 fiscal year)
2) Housing & Commerical bank, Korea expect that for three years, the payout
ratio would be more than 27%.
END
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