Samsung Life IPO could raise up to KRW5.18tn.
Global Banking News - 01 April 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Samsung Life Insurance Company (032830.SE) is likely to raise up to about KRW5.18tn (USD4.58bn) in an initial public offering of around 45 million shares, Dow Jones has reported citing a person familiar with the situation.
Creditors of non-trading Samsung Motors who presently own Samsung Life shares - including Seoul Guarantee Insurance Company, Woori Bank (NYSE: WB) (SEO: 053000), CJ Cheiljedang and Shinsegae - will sell their current holdings, the person said, adding that Samsung Life seeks to price the IPO somewhere between KRW90,000 and KRW115,000.
The creditors of Samsung Motors have agreed to sell about 34.4 million Samsung Life shares in the public offering, a person familiar with the situation reportedly said, adding that the IPO was on track for May.
Goldman Sachs (NYSE: GS) is the global coordinator for the offering, and Morgan Stanley (NYSE: MS), Bank of America-Merrill Lynch (NYSE: BAC), Korea Investment & Securities and Shinhan Investment Corporation (NYSE: SHG) (055550. SEO) are also managing the IPO.
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