HMM announces rights issue to fund construction firm takeover

Seoul: Hyundai Group said on Monday that it is planning a multi-trillion-won rights issue via the French unit of its shipping line,  Hyundai Merchant Marine, to fund its $4.8 billion purchase of a 35% stake in Hyundai Engineering & Construction Co Ltd.

The rights offering announcement is Hyundai Group’s latest effort to shrug off concerns over its funding plans as Hyundai E&C creditors will decide by 22 December whether to end talks on the $4.8 billion sale.
(Source:www.seatrade-asia.com)