ID :
44839
Mon, 02/09/2009 - 10:17
Auther :
Shortlink :
https://www.oananews.org//node/44839
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Kia Motors fails to raise US$21 mln in rights offering
SEOUL, Feb. 9 (Yonhap) -- Kia Motors Corp., South Korea's second-largest automaker, said Monday it failed to raise 28.8 billion won (US$21 million) in a rights offering as neither of its two creditor banks were willing to buy the company's new preferred shares.
"The rights offer to sell 5.76 million preferred shares failed," Kia said in a
regulatory filing.
In 1998, the two creditor banks, Hana Bank and Korea Exchange Bank, received
options to buy Kia's preferred shares as they participated in the automaker's
restructuring plan.
As the two banks didn't exercise their options, their rights automatically
lapsed, according to the filing.
Kia is an affiliate of Hyundai Motor Co., the nation's top automaker.
"The rights offer to sell 5.76 million preferred shares failed," Kia said in a
regulatory filing.
In 1998, the two creditor banks, Hana Bank and Korea Exchange Bank, received
options to buy Kia's preferred shares as they participated in the automaker's
restructuring plan.
As the two banks didn't exercise their options, their rights automatically
lapsed, according to the filing.
Kia is an affiliate of Hyundai Motor Co., the nation's top automaker.
