Hyundai Samho gets $266m private equity investment

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.

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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