Korea’s cash-strapped top shipbuilder Hyundai Heavy Industries said it has looked into selling its stake in local brokerage Hi Investment & Securities but has no detailed plan to do so.
“It is true that the company has reviewed various methods including selling a stake in a financial firm. But nothing has been decided in detail,” the company said in a regulatory filing.
Hyundai Heavy’s smaller affiliate Hyundai Mipo Dockyard holds an 85.3 percent stake in Hi Investment & Securities.
Hyundai Heavy submitted its self-rescue plan to its creditors on Thursday which includes, industry sources say, about 3,000 job cuts and sales of assets.
By Kim Yoon-mi (yoonmi@heraldcorp.com)