Korea Shipbuilding & Offshore Engineering (KSOE) has until late 2024 to complete the IPO of Hyundai Samho Heavy Industries or it faces having to refund a major stakeholder.

The world’s largest shipbuilding group controls a stake of just over 80% in the shipbuilder.

Private equity firm IMM Private Equity invested KRW 400bn ($300m) for a 15.15% stake in Hyundai Samho in 2017. However, KRW 140bn was later repaid in the form of KSOE shares.