Samsung Heavy shares undergo record plunge on loss forecast
Its share sale plan also underscores bleak outlook for global shipbuilding industry
Singapore
SAMSUNG Heavy Industries Co plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry.
The world's third largest shipbuilder said on Wednesday that it plans to raise 1.5 trillion won (S$1.8 billion) by selling new shares in a rights offering. Samsung Heavy - saddled with 3.3 trillion won of short-term debt - expects demand for new vessels and offshore projects to continue shrinking, and that will push the company into losses this year and next; compared with analyst estimates for a profit.
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