Taeyoung E&C shares hit 52-week low amid workout rumors

[Courtesy of Taeyoung E&C]

South Korean construction company Taeyoung Engineering & Construction Co. (Taeyoung E&C) saw its shares dip nearly 10 percent in early trading on Thursday even as it denies being in a crisis.

The stock traded at 2,965 won ($2.29) on Thursday at 9:11 a.m., down 9.33 percent from the previous trading day and hitting a new 52-week low of 2,920 won.

Shares of Seoul Broadcasting System (SBS), an affiliate of the Taeyoung Group, are also down 3.81 percent at 25,250 won.

TY Holdings Co., SBS’ largest shareholder, is the holding company of Taeyoung Group.

Earlier, rumors spread in the industry that Taeyoung E&C’s legal team is seeking possibilities of a workout which the company has denied.

“We are receiving support from our group companies and making our own efforts for a breakthrough,” Taeyoung E&C said. “The workout rumors in the market are not true.”

“The total amount of project financing (PF) is 4.5 trillion won, excluding 1 trillion won for social overhead capital PF guaranteed by the state and 1 trillion won for PF that the financial circle finds stable with over 75 percent of completed sales comes to 2.5 trillion won,” the company added.