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Hanwha Life Tumbles After Shares Sold at Discount: Seoul Mover

The logo of Hanwha group is displayed on the 63 building in Seoul. Photographer: SeongJoon Cho/Bloomberg
The logo of Hanwha group is displayed on the 63 building in Seoul. Photographer: SeongJoon Cho/Bloomberg

Feb. 26 (Bloomberg) -- Hanwha Life Insurance Co., South Korea’s second-largest life insurer, tumbled the most on record in Seoul trading after a shareholder sold stock at a discount.

Shares of Hanwha Life sank 9.8 percent to 7,190 won at the close on the Korea Exchange, the worst performer on the MSCI Asia Pacific Index.

Hanwha Chemical Corp. sold about 17 million Hanwha Life shares at 7,200 won apiece before the market opened today, Park Jeong Hwan, who heads Hanwha Chemical’s finance team, said by phone. That’s a 9.7 percent discount to yesterday’s closing price. Proceeds will be used to improve finances and fund future investments, Hanwha Chemical said in a filing yesterday.

“The discount rate was very big,” Song In Chan, an analyst at Shinhan Investment Corp., said by phone today. “Still, I think the stock price is near its bottom given its stable earnings prospects.”

Morgan Stanley and Hanwha Investment & Securities Co. arranged the transactions.

To contact the reporters on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net Shinhye Kang at skang24@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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