Hyundai Merchant to raise 694 bln won via stock sale

Hyundai Merchant Marine Co., a leading shipping firm here, said Friday that it plans to raise 694 billion won (US$615 million) by selling stocks.

In a regulatory filing, the shipping firm said the proceeds from the stock offering will be used as working capital and to fund its facility expansion.

The new stock will be priced at 5,780 won per share, it added.

Meanwhile, the shipper said it will buy 59 billion won worth of stock to be sold by HT Algeciras Co., Ltd., one of its affiliates, which will be used to fund its purchase of Total Terminal International Algeciras, previously owned by the now-defunct Hanjin Shipping Co., Hyundai Merchant said in a separate filing. (Yonhap)