FILE PHOTO: A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus/File photo
SEOUL (Reuters) -South Korean battery maker Samsung SDI, said on Wednesday it would cut the pricing of new shares to raise 2 trillion won ($1.4 billion) by 14%, after its stock tumbled in the global markets' selloff triggered by U.S. tariff fears.
Samsung SDI indicated it plans to sell its new shares at 146,200 Korean won ($98.41) each, down from the 169,200 won announced last month. The final price will be set on May 19.
Its shares have fallen 5% in the past week as U.S. President Donald Trump's tariffs created turmoil in international equities markets as investors feared a global economic slowdown could occur. The stock is down 29.5% year to date.
The company said in March it would issue 11,821,000 new shares to raise capital to fund a U.S. joint venture with General Motors and to expand factory capacity in Hungary, among other investments.
The South Korean won tumbled to a more than 16-year low on Wednesday.
A Samsung official said on Wednesday the final price and size of the capital raising could change depending on market conditions.
Samsung SDI shares were down 1% on Wednesday while South Korea's Kospi index was trading off 0.5%.
($1 = 1,485.60 won)
(Reporting by Hyunjoo Jin and Jihoon Lee; writing by Scott Murdoch; Editing by Tom Hogue and Editing by Muralikumar Anantharaman)
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