Hyundai Merchant to raise 114bn won by selling new shares
Seoul - Yonhap
Hyundai Merchant Marine (HMM) Co., South Korea's No. 2 shipping line, said Monday that it plans to secure 114 billion won (US$112 million) by issuing new shares to a new investor in a bid to improve its faltering financial health.
The cash-strapped shipping company said it will float 6.81 million convertible preferred shares worth 57 billion won on Monday and sell them to its shareholder Market Vantage Ltd., a Hong Kong-based investment firm.