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Samsung Heavy has record plunge on share sale and loss forecast

South Korea's Samsung Heavy Industries saw the biggest share price plunge on record in Seoul after the shipbuilder forecast surprise losses and announced a share sale plan.

Photo: Samsung Heavy Industries

Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry.

The world's third-largest shipbuilder said Wednesday it plans to raise KRW 1.5 trillion won (USD 1.4 billion) by selling new shares in a rights offering. Samsung Heavy, saddled with KRW 3.3 trillion of short-term debt, expects demand for new vessels and offshore projects to continue shrinking and that will push the company into losses this year and next, compared with analyst estimates for a profit.

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