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February 5, 2008 |
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DAEWOO ELECTRONIC: Completes Public Offering of Common Shares Daewoo Electronic Components Co. Ltd. has completed its public offering of 6,000,000 common shares, which was announced on September 14, 2007, Reuters Investing Keys reports. According to the report, the number of shares remaining unclaimed is 3,758,096 (62.65%) of the total allocated shares. The unclaimed shares will not be issued, the report adds. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/ -- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. |
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Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
