• BIST 92.896
  • Altın 189,105
  • Dolar 4,8345
  • Euro 5,6056
  • İstanbul 28 °C
  • Ankara 25 °C

HMM earns profit by selling shares

HMM earns profit by selling shares
South Korean shipping company Hyundai Merchant Marine (HMM) has raised USD 112.5 million (117 billion won) by selling new shares, the shipping line said.
HMM floated 6.19 million convertible preferred shares to Market Vantage Ltd., a Hong Kong-based  investment firm, for 60 billion won. Market Vantage already has a stake in Hyundai Merchant Marine.
 
According to HMM, this move is in accordance with a memorandum of understanding signed in June.
 
HMM initially issued 6.81 million shares at 8,370 won per share which were worth KRW 57 billion on June 16.
 
“The arrival of fresh funds is noteworthy because it does not involve asset sales and the money will  come in the form of investment that can reduce debt levels and improve overall financial health,” remarked an HMM official, adding that such developments can lay the foundation for a return to profit.
 
Hyundai Merchant Marine explained that the sold shares can be converted into ordinary shares one year after their issuance.
 
Debt-laden HMM is cited by Yonhap as saying that it has managed to considerably cut debt after all the self-help measures that have been implemented.
 
 
 
This news is a total 1190 time has been read
  • Comments 0
    UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
    Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
    Bu habere henüz yorum eklenmemiştir.
Other News
  • Kleven to Build Up to Four Expedition Vessels for Hurtigruten25 April 2016 Monday 18:12
  • IMO Representatives Discussed Migrant Issues06 September 2015 Sunday 18:16
  • Golden Anchor Awards 201506 September 2015 Sunday 16:49
  • Asia Tankers-VLCC Rates Dropping15 August 2015 Saturday 12:44
  • USCG Increasing Arctic Presence14 August 2015 Friday 11:58
  • Fennica is on his way to Alaska06 August 2015 Thursday 12:21
  • Tidal Power in Alaska Villages04 August 2015 Tuesday 15:34
  • Egypt and Saudi Arabia define the maritime borders31 July 2015 Friday 10:17
  • Moby Dick is ''in'' again31 July 2015 Friday 09:51
  • NYK Vessel rescuses people!29 July 2015 Wednesday 14:52
  • All Rights Reserved © 2006 TURKISH MARITIME | İzinsiz ve kaynak gösterilmeden yayınlanamaz.
    Phone : 0090 212 293 75 48 | Fax : 0090 212 293 75 49 |