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Golden Bridge Investment & Securities to raise 60B won from rights issue

South Korea's Golden Bridge Investment & Securities Co. Ltd. said it will raise 60 billion won from a rights issue to four of its shareholders.

The company will issue 52,401,746 common shares at 1,145 won per share, it said in a Feb. 20 stock market disclosure. The new shares will be listed May 11.

In a separate disclosure filed the same day, the company said its biggest shareholder has changed from Golden Bridge Co. Ltd. to Texcell-NetCom Co. Ltd., a KOSDAQ-listed communications equipment company, under a stock purchase agreement signed Feb. 19.

Under the agreement, Golden Bridge sold all of its 41.84% stake in Golden Bridge Investment & Securities to Texcell NetCom for 41 billion won.

Texcell NetCom is one of the four shareholders participating in the rights issue, with 19,213,975 new shares set aside for the new largest shareholder of Golden Bridge Investment & Securities.

As of Feb. 19, US$1 was equivalent to 1,067.65 South Korean won.