SEOUL, April 9 (Reuters) - South Korean battery maker
Samsung SDI, said on Wednesday it would cut the
pricing of new shares to raise 2 trillion won ($1.4 billion) by
14%, after its stock tumbled in the global markets' selloff
triggered by U.S. tariff fears.
Samsung SDI indicated it plans to sell its new shares at
146,200 Korean won ($98.41) each, down from the 169,200 won
announced last month. The final price will be set on May 19.
Its shares have fallen 5% in the past week as U.S. President
Donald Trump's tariffs created turmoil in international equities
markets as investors feared a global economic slowdown could
occur. The stock is down 29.5% year to date.
The company said in March it would issue 11,821,000 new
shares to raise capital to fund a U.S. joint venture with
General Motors ( GM ) and to expand factory capacity in Hungary,
among other investments.
The South Korean won tumbled to a more than 16-year low on
Wednesday.
A Samsung official said on Wednesday the final price and
size of the capital raising could change depending on market
conditions.
Samsung SDI shares were down 1% on Wednesday while South
Korea's Kospi index was trading off 0.5%.
($1 = 1,485.60 won)
(Reporting by Hyunjoo Jin and Jihoon Lee; writing by Scott
Murdoch; Editing by Tom Hogue and Editing by Muralikumar
Anantharaman)