South Korean shipbuilder Hyundai Heavy Industries Co Ltd stated on Tuesday that it plans an preliminary public providing (IPO) to boost funds towards a 1 trillion received ($905 million) funding over 5 years into inexperienced know-how.
Hyundai Heavy will difficulty a stake of about 20% in new shares inside the yr, the shipbuilder stated in a press release.
The cash will go towards the event and building of inexperienced ships and amenities, development of applied sciences akin to dual-fuel propulsion and autonomous crusing ships, in addition to towards investments in corporations with gas cell applied sciences, it stated.
The shipbuilder is presently wholly owned by Hyundai Heavy Industries Holdings Co Ltd.
($1 = 1,105.4100 received)
(Reporting by Joyce Lee; modifying by Jason Neely)
