Hyundai Merchant Marine sells shares to reduce debt
HYUNDAI
MERCHANT MARINE SELLS SHARES TO REDUCE DEBT
Korea’s
Hyundai Merchant Marine has sold $110 million worth of shares in a group
affiliate to reduce its debts.
Hyundai sold five million Hyundai Electronics shares
directly to Swiss bank UBS AG to avoid affecting the Korean stock market,
Hyundai said.
The shipping group intends to use all the funds to
reduce its debt.
Korean "chaebols," or conglomerates have been
under pressure to reduce their debts and improve their level of financial
transparency. Hyundai Merchant Marine is part of the Hyundai chaebol. Hyundai
Merchant Marine said its share sale transaction addresses "investors’
concerns about the burden of holding the Hyundai affiliate’s shares."
The Hyundai conglomerate includes Hyundai Merchant
Marine Co. Ltd., Hyundai Logistics Co. Ltd., Hyundai Heavy Industries Co. Ltd.,
Hyundai Mipo Dockyard Co. Ltd., Inchon Iron & Steel Co. Ltd., Hyundai Motor
Co., Kia Motors Corp., Hyundai Precision & Industry Co. Ltd., Hyundai
Electronics Industries Co. Ltd. and many other businesses in the transport,
automotive, construction, heavy industry, electronics and financial industries.