Dec 27, 2017

Shares sink at South Korean shipbuilding giant Hyundai

Shares in South Korea's Hyundai Heavy Industries fell by more than a quarter on Wednesday, after investors reacted badly to plans to raise fresh funds. Hyundai, the world's top shipbuilder by sales, aims to raise about $1.2bn by issuing new shares, diluting the value of existing stakes. Hyundai has struggled during an industry-wide slump brought on by slowing global demand and overcapacity. Earlier this week, Hyundai issued grim predictions for its profits in both 2017 and 2018. On Wednesday the firm said it also planned to list its refining unit, Hyundai Oilbank, on a local stock market next year.

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