S. Korean listed firms' share sales plunge

SEOUL, Aug. 3 (Yonhap) -- South Korean listed companies' new share sales tumbled
29 percent on-year in the first seven months of this year as their reliance on
the stock market to raise money declined, the bourse operator said Monday.

A total of 55 firms listed on the country's main bourse raised 4.7 trillion won
(US$3.8 billion) through rights offerings in the January-July period, compared
with 6.6 trillion won a year earlier, the Korea Exchange said.
The sharp fall came as a massive share sale by the nation's largest logistics
firm, Korea Express Co., drove up the 2008 figure, it said. Korea Express raised
4.7 trillion won by issuing new shares in March last year to repair its balance
sheet.
The largest rights offering for this year was 1.7 trillion won conducted by
Shinhan Financial Group Co., the country's second-largest financial services
company, the exchange said.
pbr@yna.co.kr
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