South Korean shipbuilding major Samsung Heavy Industries is gearing up for a share sale worth KRW1.14trn ($996m), Yonhap, the nation’s top newswire is reporting.
Samsung Heavy has had a very difficult year and will fall far short of its annual sales target. A number of Samsung Group affiliates will take part in the share sale to support the yard. As well as selling shares, Samsung Heavy’s restructuring plans include shedding thousands of jobs.
All of South Korea’s major yards have been cutting back staff and capacity this year amid a severe downturn in new orders.