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Korean Air rights offering closes undersubscribed

Korean Air’s W457 billion ($399 million) rights issue closed with only 96.4% of the 22 million shares offered taken up.

The SkyTeam carrier says in a stock exchange statement that there was a shortfall of 1.45 million shares.

Most of those will be offered to subscribers that opted to participate in an excess offer allocation scheme, while 787,547 will be sold through a public offering that will take place between 9-10 March.

Those shares will be offered at the same offering price of W20,800 per share.

Documents show that 16.9 million shares were taken up in the offering, while 2.9 million were taken up by the airline’s employee share ownership scheme.

Mirae Asset Securities and Kiwoom Securities led the rights issue.

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