Hyundai Heavy Affiliate Aims to Sell Stake in Brokerage Unit

South Korean shipbuilder Hyundai Heavy Industries said on Wednesday that its affiliate aims to sell its brokerage unit Hi Investment & Securities by the end of this year.

 

The affiliate, Hyundai Mipo Dockyard, holds an 85 percent stake in Hi Investment & Securities.

 

In June, Hyundai Heavy Industries announced a plan to sell its non-core assets, as the shipbuilder is grappling with a global slump in trade and commodities, plus rising competition from China.


(Reporting by Hyunjoo Jin; Editing by Gopakumar Warrier)