Hyundai Mipo sells stake in KCC for $140m

Hyundai Mipo sells stake in KCC for $140m

As part of restructuring initiated by parent Hyundai Heavy Industries (HHI), Hyundai Mipo Dockyard (HMD) is selling all its shares in local paint and equipment firm, KCC. The sale of itsd 9.19% stake will net HMD KRW165.1bn ($140m).

HMD said the transaction was “to raise its financial soundness through sale of the shares it owns”.

HHI, along with all of South Korea’s leading yards, has recently submitted massive restructuring plans to appease creditors.

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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