South Korean shipbuilder Hyundai Heavy Industries (HHI) has said it plans to generate funds worth KRW1.28 trillion (USD1.2 billion) through a share sale to strengthen its financial structure and support new development programmes.
The company said in a filing to the Korea Exchange on 26 December that it planned to sell 12.5 million shares at an estimated price of KRW103,000 each. The shares will be sold by early March.
HHI said that KRW869 billion of the raised funds would be used to improve its financial standing following the group’s transformation earlier in 2017 to a holding company structure. The remaining funds will boost HHI’s capital, supporting activities such as continuing construction programmes as well as research and development projects.
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