April 6, 2018 / 9:41 AM / 5 months ago

Kumho Tire says to issue shares to China's Doublestar worth $604 mln

SEOUL, April 6 (Reuters) - South Korea’s Kumho Tire said on Friday that it plans to issue new shares worth 646 billion won ($604.99 million) to Qingdao Doublestar Co Ltd as part of an agreed deal for the Chinese company to assume control over it.

It will offer 129.27 million common shares at a price of 5,000 won each, Kumho Tire said in a regulatory filing. Doublestar had announced the deal last month through which it is buying a 45 percent stake in the South Korean tyre maker. ($1 = 1,067.7900 won) (Reporting by Hyunjoo Jin Editing by Muralikumar Anantharaman)

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