Debt-Equity Swap for LG Card Co.
2004-02-02On January 30, 2004, Board of Directors of Kookmin Bank has made a resolution to approve debt-equity swap for LG Card Co., the largest credit card company in Korea. This is one part of business normalization plan agreed upon by creditor banks.
The approved debt-equity swap details are:
- Number of stocks: 103,720,000 registered common stocks (approximately 13.6% shares)
- Price per share: KRW 5,000
- Total amount: KRW 518,600 million
- Payment date: To be decided by steering committee of creditor banks
The above details are subject to change in the course of further discussion of steering committee of creditor banks.