Samsung Electronics will buy new shares in Samsung Heavy Industries (SHI) to help the yard’s liquidity crunch.
“Samsung has no plans to abandon the shipbuilding business given an increased possibility for a turnaround after self-restructuring programs,” a Samsung official said. “Samsung Electronics will take part in SHI’s rights issue.”
SHI plans to launch a rights issue to raise up to KW1.3trn.
Samsung Electronics has a 17.62% stake in the giant shipyard which is now going through a painful restructuring.