KB Fin Buys Hyundai Securities Stake for $1.1 Bln
South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification. About two-thirds of KB Financial's 2015 net profit came from its banking unit, Kookmin Bank, and the acquisition of South Korea's sixth-largest securities brokerage by equity capital is aimed at bringing that ratio closer to a stated goal of increasing non-bank contribution to 40 percent.
Hyundai Merchant Marine Plans Asset Sale
Hyundai Merchant Marine Co. (HMM), is resurrecting an asset-sale plan in an effort to stave off bankruptcy as it reels from a crisis in the shipping industry brought on by slowing global trade, says WSJ. The Seoul-based company plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd and other shipping facilities to raise cash and repay maturing debt. Korea's 21st largest family-controlled conglomerate, which is widely known for its now-defunct North Korea tourism project, has pledged to do everything it can to raise cash to bolster HMM's deteriorating bottom line. HMM's talks to sell its entire 22.4 percent stake in the brokerage to Japan's Orix Corp for about 647 billion won ($535.83 million) fell apart late last year, the spokesman said.
HMM Seeks New Buyer for Broker Stake
South Korea's Hyundai Merchant Marine Co Ltd (HMM) plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd , an HMM spokesman said on Monday. HMM's talks to sell its entire 22.4 percent stake in the brokerage to Japan's Orix Corp for about 647 billion won ($535.83 million) fell apart late last year, the spokesman said. The plan needs to be approved by HMM's creditor banks, the spokesman added. Reporting by Joyce Lee
Hyundai Merchant Marine sheds Asset to Cut Debt
South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday. Hyundai Merchant Marine will sell its entire 22.4 percent stake in the stock brokerage to the special purpose company, HMM said in a separate regulatory filing earlier on Friday. The sale is part of parent Hyundai Group's attempts to sell assets to cut debt, first announced in 2013. Reporting by Joyce Lee
Hyundai Heavy To Cut Debt Ratio
South Korea's Hyundai Heavy Industries Co. plans to cut its debt-to-equity ratio to 140 percent by the end of the year by selling shareholdings in its affiliates, according to company officials. The company has so far booked more than $116 million in profit from selling some $220 million worth of securities in Hyundai Securities, Hyundai Motor and Hyundai Electronics Industries.
