Hanjin resumes share trading, eyes new defence deals

21 May 2019

South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) resumed trading on the Korean stock exchange on 21 May following a three-month suspension because of capital erosion linked to its ailing subsidiary in the Philippines.

The company, which is headquartered in Busan, said it is aiming to achieve "normalisation" by winning deals in core business sectors including naval shipbuilding.

HHIC - already one of South Korea's most prominent naval constructors - was forced to halt share trading in mid-February after its Philippine shipyard, which was faced with debt of more than USD400 million, filed for voluntary rehabilitation. These losses contributed to HHIC's total deficit of about KRW1.3 trillion (USD1 billion) in 2018, down from losses of KRW278 billion a year earlier.

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