Hyundai Heavy Holdings Acquires 2.5 Trillion KRW Worth of Korea Shipbuilding & Offshore Engineering Shares, 2.9 Million Shares Purchased
"Purpose of Securing Stable Management Rights of Subsidiary"
Jung Ki-sun, President and CEO of Hyundai Heavy Industries Holdings. (Photo by Hyundai Heavy Industries Holdings)
View original image[Asia Economy Reporter Moon Chaeseok] Hyundai Heavy Industries Holdings announced on the 24th that it purchased 2.9 million shares of Korea Shipbuilding & Offshore Engineering for a total of 251.43 billion KRW.
According to Hyundai Heavy Industries Holdings on the day, it acquired 2.9 million shares, equivalent to a 4.1% stake, through an off-hours block trade. The purchased shares consisted of 1.91 million shares (2.7%) held by KCC and 990,000 shares (1.4%) held by the Asan Social Welfare Foundation. A holding company official explained, "We purchased the shares to secure stable management rights and strengthen responsible management of our subsidiary."
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Hyundai Heavy Industries Holdings now holds a total of 24.807124 million shares (35.05%), adding 2.9 million shares (4.1%) to the 21.907124 million shares (30.95%) of Korea Shipbuilding & Offshore Engineering it already owned.
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