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Hyundai Heavy unit to sell assets, shares to improve financial status

Hyundai Electric & Energy Systems Co., a power equipment maker under Hyundai Heavy Industries Group, said Monday it will sell assets and shares to improve its financial status.

The company said it plans to raise 150 billion won ($126 million) by selling new stocks and secure an additional 150 billion won by selling assets in an effort to enhance its financial soundness. 


The proceeds from its asset sales will be mainly used to pay its debts, with some of them to be invested into its research and development facilities.

Hyundai Electric swung to red last year, posting a net loss of 179 billion won. For the first half of this year, the company suffered a net loss of 92.2 billion won. (Yonhap)