[Special Stock] Shinsegae Construction Rises Over 13% on Expectations of Financial Structure Improvement

Shinsegae Construction is showing a strong gain of over 13% in early trading amid expectations of improved financial structure.

As of 9:27 AM on the 29th, Shinsegae Construction is trading at 14,000 KRW, up 1,690 KRW (13.73%) from the previous day. It had also risen more than 10% the day before and has maintained an upward trend for six consecutive trading days.

Shinsegae Construction announced that at the board meeting held the previous day, it resolved to issue 650 billion KRW worth of hybrid capital securities to raise operating funds. The additional fundraising is expected to lower the debt ratio and improve the financial structure. As of the end of the first quarter, Shinsegae Construction's debt ratio was 807%, but it is expected to fall below 200% upon the subscription of the hybrid capital securities issuance proceeds.