KCC shares jump after $602 million Hyundai Heavy stake sale SEOUL (Global Markets) - Shares in South Korea's KCC (002380.KS) surged 11 percent after the chemical producer sold 697.2 billion won ($602 million) worth of shares in the world's largest shipbuilder Hyundai Heavy Industries (009540.KS) at the top of its expected price range.Stock Market Predictions
The sale of its 2.49 million shares or 3.27 percent stake in Hyundai Heavy via a block trade follows KCC's planned purchase of a $675 million stake in Samsung's unlisted amusement park operator Everland.
"Our recent stake sales in Hyundai Motor (005380.KS) and Mando Corp (060980.KS) can cover the Everland stake buy. A decision on proceeds from the Hyundai Heavy share sale has not been made yet," a KCC media official said.
The manufacturer of chemical products used in construction, automobile and other industries sold the shares at 280,000 won each, at the high end of a price range offered previously.
Hyundai Heavy Industries (009540.KS) slid 1.5 percent as of 0034 GMT, underperforming other Korean shipbuilders.
Through the stake disposal, KCC reduced its Hyundai Heavy stake to 3.12 percent.
(Reporting by Ju-min Park; Additional reporting by Joonhee Yu; Editing by Yoo Choonsik and Jonathan Hopfner)
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