Samsung Heavy Industries Co., a major shipyard here, aims to raise some 1.14 trillion won ($996 million) by selling stocks next week, industry sources said Sunday.

According to the sources, the price of its stock offering was set at 7,170 won per share. The shipyard plans to start with its stock sale procedure on Monday.

Samsung Heavy's affiliates, such as Samsung Electronics Co, are expected to participate in the proposed stock sale.

Samsung Electronics, the largest shareholder, hold a 17.62 percent in Samsung Heavy. Samsung Life Insurance Co. owns 3.38 percent, and other affiliates such as Samsung SDI Co. and Cheil Worldwide own stakes of below 1 percent in the shipyard.

The stocks to be sold will get listed on the local stock market on Nov. 28.

Samsung Heavy, a unit of South Korea's top conglomerate Samsung Group, unveiled the self-rescue program earlier this year, including stock sales and job cuts, as it grappled with falling orders amid slackened global demand and tougher competition.

Shares of Samsung Heavy closed at 9,040 won on the Seoul bourse on Friday, down 1.85 percent from the previous session's close. (Yonhap)