SEOUL, March 12 (Korea Bizwire) – Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Monday that it has raised 1.23 trillion won(US$1.15 billion) in a rights issue.
The new shares are set to be listed on the country’s main bourse on March 27.
Hyundai Heavy said it will use about 820 billion won in improving its financial status and spend the remainder in research and development for eco-friendly and smart vessels.
The latest capital hike has lowered the company’s debt ratio to 78 percent from 89.9 percent in December last year.
Hyundai Heavy said it has received orders to build 29 ships worth US$2 billion this year through March 5.