South Korea’s largest shipbuilding group Hyundai Heavy Industries (HHI) has completed a significant corporate regrouping whereby it has moved to a holding company structure through a stake sale and mergers among its affiliates
Hyundai Samho Heavy Industries has split into an investment firm and an operational business, while HHI has incorporated Hyundai Samho’s investment company into its businesses.
The split-off and merger allows HHI to directly control Hyundai Mipo Dockyard and Hyundai SamhoHeavy, whereas before HHI controlled the pair through other affiliates in a cross-shareholding arrangement.
Hyundai Mipo has sold a 3.9% stake in HHI to Hyundai Heavy Industries Holdings. After the stake sale, the holding company holds a 30.9% stake in HHI. HHI owns 80.54% of Hyundai Samho and a further 42.34% stake in Hyundai Mipo.
HHI said it is mulling listing Hyundai Samho.