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Biz News Korea(Eng)
Hyundai Heavy sells Hotel Hyundai, near shedding all noncore assets
- Collected
- 2017.07.26
- Distributed
- 2017.07.31
- Source
- Go Direct
With the deal, the company would have earned 1 trillion won from asset sale so far this year.
The shipbuilding conglomerate in June last year vowed to improve its balance sheet by 3.5 trillion won through non-core asset sales, reorganization, and business rationalization in return for debt rescheduling by creditors.
The stake sale in Hotel Hyundai would make it near its goal as it would have sold off assets worth more than 3 trillion won.
It sold off properties and shares in Hyundai Motor, KCC and Posco last year and spun off Hyundai Corp., Hyundai Finance Corp., Hyundai Venture Investment Corp. and Hyundai Energy & Resources Co.
This year, it raised 400 billion won from pre-initial public offering of shares in its unit Hyundai Samho Heavy Industries and sales of stake in Hyundai Robotics Co. by another unit Hyundai Mipo Dockyard for 350 billion won.
In April, the shipbuilder split into four companies to rationalize business structure.
As result, its debt came down to around 95 percent from 134 percent on March 2016.
To concentrate resources on its core business, the shipbuilder plans to entirely exit from the financial sector by selling HI Investment & Securities Co.
It will also dispose of Hyundai Cummins Engine Company, Germany-based JaKe, China-based Taean and U.S.-based Hyundai Ideal Electric Co.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]