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Dongbu Group units tumble on rights issue plans

Mon Sep 1, 2008 10:32pm EDT

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SEOUL, Sept 2 (Reuters) - Shares in Dongbu Group units, including Dongbu Insurance (005830.KS) and Dongbu Steel (016380.KS) dived on Tuesday on talk, later confirmed, that Dongbu Life, will make a rights issue.

A spokesman for Dongbu Life, the unlisted life insurance arm of the Dongbu group, confirmed the talk and told Reuters that the company was "proceeding with rights issuance plans."

Shares in Dongbu Steel, one of the major shareholders in the unlisted Dongbu Life, fell 11.54 percent, and Dongbu Insurance (005830.KS), the majority stakeholder, dropped 14.89 percent.

The benchmark KOSPI was up 0.54 percent.

(Reporting by Park Ju-min, Park Jung-youn; editing by Keiron Henderson)



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