Samsung SDI cuts pricing of $1.4 billion share-sale as global markets tumble

SEOUL: South Korean battery maker Samsung SDI, said on Wednesday it would cut the pricing of new shares to raise 2 trillion won ($1.4 billion) by 14%, after its stock tumbled in the global markets' selloff triggered by U.S. tariff fears.Samsung SDI indicated it plans to sell its new shares at 146,200 Korean won ($98.41) each, down from the 169,200 won announced last month. The final price will be set on May 19.Its shares have fallen 5% in the past week as U.S. President Donald Trump's tariffs created turmoil in international equities markets as investors feared a global economic slowdown could occur. The stock is down 29.5% year to date.The company said in March it would issue 11,821,000 new shares to raise capital to fund a U.S. joint venture with General Motors and to expand factory capacity in Hungary, among other investments.The South Korean won tumbled to a more than 16-year low on Wednesday.A Samsung official said on Wednesday the final price and size of the capital raising could change depending on market conditions.Samsung SDI shares were down 1% on Wednesday while South Korea's Kospi index was trading off 0.5%. ($1 = 1,485.60 won)

SEOUL : South Korean battery maker Samsung SDI, said on Wednesday it would cut the pricing of new shares to raise 2 trillion won ($1.4 billion) by 14%, after its stock tumbled in the global markets' selloff triggered by U.S.

tariff fears. Samsung SDI indicated it plans to sell its new shares at 146,200 Korean won ($98.41) each, down from the 169,200 won announced last month.

The final price will be set on May 19. Its shares have fallen 5% in the past week as U.S.

President Donald Trump's tariffs created turmoil in international equities markets as investors feared a global economic slowdown could occur. The stock is down 29.5% year to date.

The company said in March it would issue 11,821,000 new shares to raise capital to fund a U.S. joint venture with General Motors and to expand factory capacity in Hungary, among other investments.

The South Korean won tumbled to a more than 16-year low on Wednesday. A Samsung official said on Wednesday the final price and size of the capital raising could change depending on market conditions. Samsung SDI shares were down 1% on Wednesday while South Korea's Kospi index was trading off 0.

5%. ($1 = 1,485.60 won).