Jeddah: The Saudi Arabia Monetary Agency this week acquired a 7.26% stake in South Korea’s Hyundai Mipo Dockyard, the tanker building arm of Hyundai Mipo Heavy Industries.
Saudi’s overseas investment agency bought a total of 1.45m shares over three transactions on the Seoul bourse on January 7, 9 and 12, an exchange filing said.
The acquisition is something of a bargain for Saudi investors. Shares in Hyundai Mipo Dockyard fell to their lowest level since 2006 this month.
The struggling shipbuilder received just $1.8bn worth of new orders in the third quarter 2014, its lowest level in five years. [16/01/15]
