Hyundai Heavy Industries Group announced Wednesday it expects to acquire some 1 trillion won ($892 million) this year on the back of the company’s management improvement plan implemented last year to sell-off nonessential assets.
HHI Group has sold 100 percent of its shares of Hotel Hyundai to private equity investment group Hahn & Company worth 200 billion won, according to the company’s press release.
The company added that so far this year it has also secured another 400 billion won via Hyundai Samho Heavy Industries’ initial public offering investment from a local private equity firm and 350 billion won via Hyundai Mipo’s disposition of its Hyundai Robotics shares.
Through these moves, HHI Group has achieved approximately 90 percent of its management improvement goal of securing 3.5 trillion in funds by 2018 to rebuild trust in the market and improve its financial holdings, the company said.
By Julie Jackson (email@example.com)