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Biz News Korea(Eng)
Korea’s Hyundai Heavy Industries mulls selling stake in Hi Investment & Securities
- Collected
- 2016.05.13
- Distributed
- 2016.05.16
- Source
- Go Direct
Under the latest outline on self-rescue plan submitted to KEB Hana Bank, the shipbuilder has drawn up contingency plan according to worsening scenarios. In worst case, the company could put up stake in Hi Investment & Securities on top of staff downsize and suspension of dry docks, a bank official said.
Hyundai Group also offered to sell stake in lucrative Hyundai Securities to raise funds to salvage Hyundai Merchant Marine. Korean major shippers and shipbuilders are in need of creditors’ relief and new aid amid liquidity crunch from prolonged global slump and overcapacity.
Hyundai Heavy Industries commands control over Hi Investment & Securities through cross-affiliate investment. Its unit Hyundai Mipo Dockyard Co. holds 85.3 percent stake in the securities firm, and another subsidiary Hyundai Samho Heavy Industries own 43.5 percent stake in the dockyard company. Hyundai Heavy Industries is the majority shareholder of Hyundai Samho Heavy Industries with 94.9 percent stake.
Hyundai Heavy Industries reportedly plans to cut down 3,000 employees additionally after it let 1,500 employees go last year through voluntary retirement program. The shipbuilder plans to receive applications for voluntary retirement for a week until Friday.
Hyundai Heavy Industries pledged to sell as many assets as possible including its stake in Hyundai Motor Co.
By Park Yong-beom and Noh Seung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]