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Acquisition

26th Jun 2009 09:44

RNS Number : 5708U
Daishin Securities Co., Ltd.
26 June 2009
 

Decision on Acquisition of Share or Investment Securities of Other Corporation

1.Detail of Issuing 

Company

Name of Company

(Nationality)

Daishin Investment

Trust Management

(Korea)

Representative

Hyeong-Cherl Lee

Capital Stock (KRW)

30,000,000,000

Total Number of Outstanding Shares

6,000,000

Relationship to Company

Subsidiary Company

Main Business

Collective Investment Scheme Service

2. Detail of Acquisition

Number of Shares to Be Acquired

2,800,000

Acquisition Amount (KRW)

28,000,000,000

Equity Capital (KRW)

1,657,618,952,556

Ratio to Equity Capital (%)

1.69%

Applicability of Large-scale Corporation

Yes

3.Number of Shares Held and Shareholding Ratio after Aquisition

Number of Shares Held

8,800,000

Shareholding Ratio (%)

100%

4.Aquisition Method

Cash Acquisition

5.Purpose of Acquisition

To increase financial stability and health of Subsidiary Company

6.Scheduled Acquisition Date

June, 29, 2009

7.Date of Board of Director's Resolution (Decision Date)

June, 26, 2009

-Attendance of Outside Directors

Present (No.)

4

Absent (No.)

-

-Attendance of Auditors

(Numbers of Audit Committee)

Present

8.Other references concerning investment decision

1. The above issuing company, Daishin Investment Trust Management (hereinafter referred to as 'DITM'), held the board of directors meeting on 26th June 2009 and approved on the rights issue(offering) in order improve financial health after occurrence of the financial accident of its private special asset fund in February 2009.

2DITM estimates the loss incurred from the financial accident to be approximately 37.2bn, and this is expected to be settled by the end of June using reserve funds for debts. After increasing equity capital through the rights offering, plans for reduction of capital stock without any refund will be initiated to increase financial stability and health.

3. As the largest shareholder, Daishin Securities has opened the board of directors meeting on 26th June 2009, and voted to participate in the rights offering of DITM.

- Rights offering amount : 28,000,000,000Won

- Method of rights offering : shareholders distribution method (Daishin Securities holds 100% stake)

4. DITM's total amount in reserve funds for debts used will be reflected in Daishin Securities' 1Q(Apr~June) financial statement as loss valuation under the equity method.

5. Scheduled acquisition date is expected date of payment.

Relevant Disclosure

-

Condensed Financial Statement of Issuing Company

(Unit : in million Won)

Classification

Total Asset

Total Liabilities

Total Shareholers Equity

Capital Stock

Sales

Net Income

This Year

39,693

237

39,456

30,000

6,246

298

Last Year

39,888

430

39,458

30,000

5,893

599

The year before last

40,867

507

40,360

30,000

5,845

901

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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