South Korea's Hyundai Engineering & Construction sold $33.47 million worth of shares in Hyundai Merchant Marine on Wednesday as part of efforts to raise capital to avert bankruptcy. Hyundai Engineering, parent of Hyundai Group, barely avoided insolvency on Tuesday after creditors agreed to roll over 30 billion won in maturing debts.
The builder sold 15.6 million common shares in Hyundai Merchant to Hyundai Elevator , investor relations official Kim Sung-kook said.
The Hyundai Merchant shares
were sold at 2,430 won their closing level on Wednesday. They closed up almost 11 percent on Thursday, while Hyundai Engineering shares surged almost 15 percent to close at 1,350. Hyundai Engineering's stake in the shipping company fell to 8.69 percent from 23.86 percent.
Parent of Hyundai Group, the country's second largest conglomerate, the construction firm's next hurdle comes on Friday, when $80 million worth of bonds with warrants mature.