[Market Now] SK Telecom’s Iriver lowers price value of convertible bonds

SK Telecom’s Iriver, a KOSDAQ-listed audio device-maker, has lowered the value of bonds convertible to equities from 5,162 won to 4,422 won per share, it said in a regulatory filing Wednesday.

The company said that this was due to a decline in its share price, which ended at 4,300 won on Wednesday, down more than 2 percent. It shares reached a 52 week high of 9,980 won, and low of 3,605 won.

Holders of Iriver bonds worth an aggregate of 5 billion won ($4.3 million) could convert them to 1,130,780 shares in total, according to the company.

Iriver made a name for itself for its innovative MP3 players until Apple iPods disrupted the market. SK Telecom acquired Iriver, which has been focusing its tech business on Internet of Things, with a 49 percent stake in 2014.

By Park Hyong-ki (hkp@heraldcorp.com)