FILE PHOTO: A worker carries construction materials as he walks past a ship which is currently under construction at Hyundai Heavy Industries’ Shipyard in Ulsan, South Korea, May 13, 2015. REUTERS/Kim Hong-Ji/File Photo
December 26, 2017
SEOUL (Reuters) – South Korea’s Hyundai Heavy Industries <009540.KS> said on Tuesday it will conduct a rights issue worth about 1.3 trillion won ($1.21 billion).
The shipbuilder said in a regulatory filing some 869 billion won of the total funds raised will be earmarked as operating funds, with the rights issue expected to be completed in March 2018.
A Hyundai Heavy spokesman said the rights issue is part of the shipbuilder’s previously-announced plans to improve financial soundness. That plan began in 2015 when major South Korean shipbuilders reported losses partly due to cost overruns and delays with complex offshore facilities construction.
(Reporting by Joyce Lee; Editing by Sam Holmes)
