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.