Hyundai Heavy raises $720m through sale of subsidiary’s shares to KKR

Hyundai Heavy Industries Holdings (HHIH) has raised about KRW 800bn ($720m) through a pre-initial public offering of Hyundai Global Service.

HHIH said it has sold a 37% stake — or 1.52m shares — of its wholly owned ship-repairing unit Hyundai Global to US private equity giant KKR for KRW 646bn ($580m).

In addition, HHIH will get a cash dividend of KRW 150bn from Hyundai Global under the deal with KKR.