Hyundai Heavy Industries raising $1.2bn

South Korean shipbuilding group Hyundai Heavy Industries (HHI) has announced a plan to raise about $1.2bn via a share issue in a move to strengthen its financial status.

According to HHI, the rights issue is expected to be completed by March 2018 and the proceeds will be used to improve its financial structure as well as for research and development.

In addition, HHI has announced that its holding company, Hyundai Robotics, will list refining subsidiary Hyundai Oilbank in an IPO in the second half of 2018.

HHI said the two moves are part of the group’s efforts to improve the financial status of its affiliates after switching to a holding company structure earlier this year to prepare the group for a shipbuilding industry recovery from 2019.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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