(MENAFN) After investors reacted badly to plans to raise fresh funds, shares in South Korean Hyundai Heavy Industries have dropped by over a quarter.
The shipbuilder intends to raise nearly 1.2b USD, by issuing new shares, reducing the value of current stakes.
The company has released grim predictions for its profits in both current and next year, as it forecast an operating profit of 46.9b won this year, down by more than two-thirds on last year's figure.
The company also declared plans to list its refining unit, Hyundai Oilbank, on a local stock market next year.
MENAFN2812201700450000ID1096281968
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.