Hyundai Heavy Industries Co. Promoting an IPO This Year
Hyundai Heavy Industries Group has decided to push for an initial public offering of its unlisted affiliate Hyundai Heavy Industries Co. within 2021. The business group is planning to raise 1 trillion won through the IPO and invest the funds in future projects such as eco-friendly and self-sailing ships.
Hyundai Heavy Industries Group said on Jan. 26 that it was planning to issue new shares amounting to about 20 percent of its total stake in Hyundai Heavy Industries Co. by the end of this year.
Hyundai Heavy Industries Group split Hyundai Heavy Industries Co. into Korea Shipbuilding & Offshore Engineering (KSOE), an intermediary holding company, and Hyundai Heavy Industries Co. in 2019. The group created the intermediary holding company to facilitate its acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). KSOE has a 100 percent stake in Hyundai Heavy Industries Co.
By Kim Yoo-chul
Korea Shipbuilding & Offshore Engineering (KSOE), a holding firm of Hyundai Heavy Industries (HHI), plans to move forward with HHI s initial public offering (IPO) as a fundraising campaign to invest in the group s future business amid a gradual recovery in the COVID-19 situation. HHI will invest up to 1 trillion won over the next five years to strengthen the group s competitiveness. Unlisted HHI plans to push for an IPO within this year, and we are aiming specifically to issue 20 percent new shares as a financing plan, an HHI official said, Tuesday. KSOE owns a 100 percent stake in HHI.
HHI identified the development of eco-friendly vessels, manufacturing facilities and next-generation shipbuilding technology as its main objectives.
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