Industry

LG Electronics to cancel treasury shares acquired during holding company transition

LG Electronics said on Wednesday its board approved a capital reduction plan to cancel 1,749 common shares and 4,693 preferred shares it holds. The plan, involving shares acquired during a 2000 merger and a 2002 holding company transition, will be implemented after shareholder approval on March 23. The company said the cancellation is free of charge and does not change ordinary shareholders' shareholdings or require share certificate procedures.

Finance

K Bank sets IPO price at 8,300 won, to hold retail subscription on Feb 20, 23

K Bank, which is seeking a listing on the KOSPI, set its final initial public offering price at 8,300 won per share, it said on Wednesday. Bookbuilding drew 2,007 institutions that applied for about 6.55 billion shares, for a 199-to-1 competition ratio, with orders totaling about 58 trillion won. The IPO will raise 498.0 billion won and imply a post-listing market value of 3.37 trillion won.