Doosan Group head sells stake in fuel cell unit

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Doosan Group head sells stake in fuel cell unit

Published: 06 Oct. 2020, 19:58

Nine shareholders of Doosan Fuel Cell, including Park Jeong-won, chairman of cash-strapped Doosan Group, sold their 10.09 percent stake in the fuel cell maker via a block deal, Doosan Fuel Cell said Tuesday.

The stake sold was worth 210 billion won ($180.8 million) at the closing price of 43,250 won on Monday.

After the sale, the shareholders' combined stake in Doosan Fuel Cell was lowered to 54.98 percent from 65.08 percent, the company said in a regulatory filing.

Earlier, the shareholders provided their 23 percent stake in Doosan Fuel Cell for free to Doosan Heavy & Construction Industries to help it tide over its cash crisis.

The proceeds from the stake sale will be used to repay debts secured on the 23 percent stake, before delivering them to the fuel cell company, a company official said.

Yonhap