Hyundai Heavy sells 17% of Oilbank to Aramco

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Hyundai Heavy sells 17% of Oilbank to Aramco

Hyundai Heavy Industries, the holding company of Korea’s largest shipbuilding conglomerate, said Monday it has signed a $1.2 billion deal to sell a stake in its oil-refining unit to Saudi Aramco as it is set to take over a smaller local rival.

In a regulatory filing, Hyundai Heavy Industries Holdings said it has signed the contract to sell 41.66 million shares - a 17 percent stake - in Hyundai Oilbank to the world’s largest crude exporter to improve its financial structure.

Under the deal, the Saudi oil firm holds an option to acquire a further 2.9 percent stake in Hyundai Oilbank.

The two originally signed a deal in January

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