South Korea’s Samsung Heavy Industries (SHI), in the midst of a large restructuring, is pushing ahead with a rights offering of 200m new shares worth up to KRW1trn ($908m). A shareholders meeting will be convened this Friday to flesh out the plan.
Auditor Samjong KPMG has stated SHI’s liquidity shortage will range from KRW800bn to KRW1.6trn won over the next five years.
Around 1,500 workers were made redundant at the giant yard in the first half of the year with more to go, as SHI fights a dwindling orderbook and low newbuild prices.
