South Korean shipbuilder Hyundai Samho Heavy Industries has attracted KRW 300bn ($266m) investment via pre-IPO.
The shipyard has signed an agreement with domestic equity firm IMM Private Equity, under which, IMM will pay KRW300bn to acquire 5.36m new convertible preferred shares to be issued by Hyundai Samho.
The shipyard plans to finalize the approval of the deal in early June and use the investment to lower its debt-to-equity ratio to 78.1% from current 96.4%.
“The investment of IMM PE that has been active in investing in shipping and shipbuilding sectors including Hanjin Newport and Hyundai Merchan Marine’s LNG business shows its confidence in the recovery of shipbuilding industry for years to come,” Hyundai Samho said in a release.
