Seoul: Hyundai Corporation, the Korean trading company, is selling a 66.25% shareholding in Chinese affiliate, Qingdao Hyundai Shipbuilding to local entities Shandong Sanfod Group and Guoqing Holdings, as well as upping its own capital in the yard.
The two Chinese firms have decided to conduct a capital increase worth $80m for Qingdao Hyundai. The capital increase amount Hyundai is responsible for totalled $25m.
Hyundai Corporation will now have a 30.59% stake in the yard and will not be in charge of it.
Qingdao Hyundai has struggled to get many orders during the downturn. Hyundai Corporation is not to be confused with Hyundai Heavy Industries, the world’s largest shipbuilder. [01/09/13]
