Doosan Heavy Industries and Construction, a Korean manufacturer of power equipment, last night raised W198.3 billion $154 million from a placement of treasury shares. The deal came on a busy day for equity issuance around the region, which may have distracted investors and taken some focus away from this particular offering. However, Doosan was able to complete its issue in a reasonable time despite a tight discount, while a couple of other deals were still going well after midnight.
A source said Doosan benefitted from the fact that investors took the sale by the company as a sign that Korea Development Bank, which owns about 7% in the company, does not plan to divest its...
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