[DISCLOSURE] IE (023430) is riding high, trading at 1,005 won, up 18.37 percent, propelled by its recent capital increase worth 92.8 billion won (US$81.63 million). It announced on July 25 that it will execute several capital increases through third-party allocation.

To start with, it transferred outstanding shares allotted to Above Joy and five other companies. The newly issued 60.63 million shares worth 39.1 billion won will be listed. The price per share is 645 won and the scheduled stock payment date is Aug. 10. When it is completed, its largest shareholder will change to Above Joy.

IE will also issue around 63.86 million shares and offer to Sunka and two other companies. The payment is due on Aug. 24. On Sept. 7, around 19.44 million shares will be allotted to Sunka and Above Joy and the payment is due on Sept. 7.

All of the capital raised will finance acquisition of stocks of other companies. IE is planning to make an investment in its subsidiary Integrated Energy in Hong Kong, which will buy shares of other companies for its business expansion.