Form 6-K Current Reports
Jooeun Best Growth Fund (Sept. 22, 2001)
2001-09-24On September 22, H&CB released following information.
In an effort to overcome this crisis, on September 17th, H&CB announced to establish a special fund referred as Jooeun Best Growth Fund. Respectively, we offer the following to alleviate any confusion or misconception of the newly established fund and plan to arrange CEO conference call next week.
Background
To facilitate a stabilization of the Korean stock market
To operate available funds in a more profitable investment
The Fund
Investment Medium: Jooeun Investment & Trust Company
Target Investment Amount: KRW 1 trillion
Equity Allocation: 60% of the Available Funds
Available Funds: KRW 300 billion as of 9/20/01
Funds in Equities: KRW 116 billion as of 9/20/01
Type of Equities: Undervalued Blue Chips
Risk Management: ING Investment Management Specialists
Source of Fund
As of September 20, 2001, H&CB’s deposit size and total loan and credit card balance are KRW 50.4 trillion (increased by KRW 580 billion from previous day) and KRW 48 trillion (increased by KRW 58 billion from previous day), respectively.
H&CB’ s daily surplus, therefore, is KRW 522 billion and is the main source of the fund.
Market Reaction
H&CB’ s share price showed stable movement (from KRW28,250 on 9/17/01 to KRW28,300
Analysts from LG Securities, Deutsche Bank and WI Carr, although indicating concern, continue to maintain buy, strong buy and buy recommendation, respectively.