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Hyundai Merchant Marine shares take record dive

Just as Hyundai Merchant Marine (HMM) might have thought it had weathered the worst of the financial storm, today it suffered a record plunge on the Seoul bourse.

The stock price fell by as much as 30% to its lowest price since March 2003 as investors became concerned at HMM’s just announced plan to issue KRW200bn ($179m) of convertible bonds, something that could dilute shareholdings.

HMM will sell the convertible bonds with a 0.5% yield to five creditors as it concludes a six-month long restructuring program.

HMM’s stock is down 73% so far this year.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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