Special Steel Deal
SeAH Holdings publicly announced on March 16 that its subsidiary company, SeAH Besteel, acquired 54.8 percent of POSCO Specialty Steel shares, a total of 19,769,411 stocks, at the price of 439.86 billion won (US$388.91 million).
The scheduled date of the acquisition is March 18.
Shinyoung Securities also decided to purchase 7,189,965 stocks, 19.9 percent of POSCO Specialty Steel shares.
When the share acceptance is completed, the equity structure of POSCO Specialty Steel will be SeAH Besteel with 54.8 percent, POSCO with 19.9 percent, Shinyoung Securities with 19.9 percent, and Shinhan Investment with 5 percent.
Meanwhile, after the disposal, the share rate of POSCO to POSCO Specialty Steel will decrease to 19.9 percent, a total of 7.19 million stocks.
A POSCO representative said, “This is a measure to improve company value through restructuring the business portfolio.”