Tongyang to sell 150 billion won worth of shares to Yuanta

Tongyang Securities Inc., a brokerage unit of troubled Tong Yang Group, said Friday that its shareholders approved a proposal to issue new shares worth 150 billion won ($139 million) to a Taiwanese brokerage house.
Earlier this week, the parent group

had signed a deal to sell a 27.06

percent share in the brokerage unit for some 120 billion won to Yuanta

Securities, a unit of Yuanta Financial Holdings Co.
Tongyang will sell new shares at 2,100 won per share, 42 percent lower than their face value. With the approval of a rights offering, Yuanta will inject another 150 billion won into the brokerage house, bringing its stake to over 50 percent.
In February, Yuanta Securities was selected as the preferred bidder for Tongyang Securities, whose parent group has been suffering from a severe liquidity crunch. (Yonhap)