Doosan owner family sells $285 mn Doosan Fuel Cell shares for self-rescue

[Photo by Doosan Fuel Cell Co.]

The owner family of South Korea’s cash-strapped Doosan Group disposed of 5.32 million shares in Doosan Fuel Cell Co. worth 310 billion won ($285.2 million) in after-trade block sale as a part of commitment to self-rescue in return for state loan.

According to a Doosan Fuel regulatory filing on Wednesday, the shares were sold at 51,528 won apiece, 9.6 percent discounted from Tuesday’s closing price of 57,000 won, through a book building session led by Credit Suisse.

The sale valued at 310 billion won and made up 8.15 percent of total shares in circulation.

Shares in Doosan Fuel Cell dropped 4.39 percent to close at 54,500 won on Wednesday.

Last October, Doosan Group Chairman Park Jeong-won and others sold a combined 10.09 percent stake in the fuel cell maker, also via a block deal. Major shareholders handed over 23 percent stake in Doosan Fuel Cell to Doosan Heavy & Construction Industries Co. for free to use as collateral for its loan. The sale will leave Chairman Park and others 25,185,513 shares, or 38.45 percent, of Doosan Fuel Cell. The proceeds will finance stock sales taxes and service the group’s securities-based loans.

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