HYUNDAI Merchant Marine (HMM) has raised US$57.7 million
through the sale of 6.2 million convertible preferred shares to Hong Kong
investment company Market Vantage, completing a deal announced in June.
Debt-laden HMM initially issued 6.8 million shares to
Vantage at KRW8,370 (US$8.02) per share in a first phase of the deal on June
16, raising KRW57 billion, reported Lloyd's List.
The total value of the new shares amounts to KRW117
billion ($112.5 million).
"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," the
company said in a statement.
The shipping company has also moved to a co-chief
executive structure with the appointment of Lee Paik-Hoon to share the top job
with standing chief executive Lee Seock-Dong.
Commenting on the new dual-chief executive structure, HMM
said: "We thought it is time to make company-wide changes and innovations
in order to secure its turnaround in an early stage. That's why we turned into
co-CEO system."
Mr Lee Paik-Hoon was chief human resources officer of the
ocean liner, a position he held previously at SK Shipping.
Source : HKSG.
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