Samsung Heavy shares undergo record plunge on loss forecast
Its share sale plan also underscores bleak outlook for global shipbuilding industry
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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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