Hyundai Marine Trims Stake
Hyundai Merchant Marine Co. sold about 2 million shares of Hyundai Heavy Industries Co. in the domestic stock market Friday as part of an effort to raise money to pay debts and facilitate Hyundai Heavy' separation from the Hyundai Group."We raised 63 billion won ($48.3 million) by selling 2 million shares in the firm," a company official said. Hyundai Merchant Marine held about 9.5 million shares in Hyundai Heavy before the sale. "We plan to sell the remaining stocks soon."
The sale made Chung Mong-joon, a son of the late Hyundai Group founder, Chung Ju-yung, the largest shareholder of Hyundai Heavy, with a 10.3 percent stake.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)