TPE:1312

KGI Unit to Subscribe Up to NT$420 Million in Grand Pacific Rights Issue

KGI Financial (TPE:2883) unit KGI Securities to subscribe to up to 30 million new shares of Grand Pacific Petrochemical (TPE:1312) at NT$14 per share, for up to NT$420 million, according to a Monday Taiwan Exchange filing.Shares of Grand Pacific Petrochemical slid 1% in Tuesday's afternoon trade.Following completion of the transaction, KGI Securities will maintain its existing 8.59% stake in the petrochemical firm as part of its ongoing strategic investment portfolio.The company will finance the purchase using internal funds.