December 26, 2017 / 8:22 AM / a year ago

S.Korea's Hyundai Heavy to conduct $1.2 bln rights issue

SEOUL, Dec 26 (Reuters) - South Korea’s Hyundai Heavy Industries said on Tuesday it will conduct a rights issue worth about 1.3 trillion won ($1.21 billion).

The shipbuilder said in a regulatory filing some 869 billion won of the total funds raised will be earmarked as operating funds, with the rights issue expected to be completed in March 2018.

A Hyundai Heavy spokesman said the rights issue is part of the shipbuilder’s previously-announced plans to improve financial soundness. That plan began in 2015 when major South Korean shipbuilders reported losses partly due to cost overruns and delays with complex offshore facilities construction. ($1 = 1,075.2700 won) (Reporting by Joyce Lee; Editing by Sam Holmes)

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