April 26, 2024
Automobiles
SsangYong Motors to raise W50b for new car, facility investment
[THE INVESTOR] SsangYong Motor said on Jan. 16 it will raise 50 billion won (US$47 million) through a rights issue for new vehicle development and facility investments.
The carmaker plans to release 11,890,606 common stocks for 4,205 won per share and its parent Mahindra & Mahindra will purchase all the shares on Jan. 25. The stocks will be listed on the main Korea Exchange on Feb. 12, the company said in a statement.
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It will use the proceeds from the sale to build updated models of its popular Korando C SUV. Funds will also be used to modernize its production facilities, it said.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
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