SANGSANGINVESTMENT&SECURITIES Hits Daily Price Limit for Second Consecutive Day on Expectations of Sh Water Cooperative Bank Acquisition [Featured Stocks]
[Edaily Reporter Shin Ha-yeon ] SANGSANGININVESTMENT&SECURITIES(001290)Shares of SangSangIn Securities are hitting the daily price limit for the second consecutive day amid expectations that Shinhan Bank will acquire the firm.
According to MP Doctor on the 7th, as of 9:06 a.m., SANGSANGINVESTMENT&SECURITIES is trading at 1,203 won, up 29.91% (277 won) from the previous trading day. (Photo: SANGSANGINVESTMENT&SECURITIES) Following a rise to the daily price limit (29.87%) the previous day, the stock price shot straight to the upper price limit again today, continuing its strong performance for two consecutive days.
This is interpreted as the result of news that SH Suhyup Bank is pursuing the acquisition of SANGSANGINVESTMENT&SECURITIES, which has stimulated investor sentiment. Previously, Yonhap News reported, citing investment banking (IB) industry sources, that SH Suhyup Bank signed a memorandum of understanding (MOU) with Sangsangin Co., Ltd. last month to acquire SANGSANGINVESTMENT&SECURITIES and is currently conducting exclusive negotiations through the third quarter.
In response, SANGSANGINVESTMENT&SECURITIES issued a clarification (unconfirmed) regarding the previous day’s report, stating, “While our largest shareholder, Sangsangin Co., Ltd., is in discussions with Sh Suhyup Bank regarding the sale of our company’s shares, no specific details have been finalized as of yet.”
The company added, “Discussions are currently underway, and we will issue another disclosure once the relevant details are finalized or within one month.” The scheduled date for the follow-up disclosure is September 4.
Market observers expect that if Shinhan Bank acquires SANGSANGINVESTMENT&SECURITIES, it will be able to expand its bank-centric business portfolio into non-banking sectors such as securities and asset management.
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