KSOE set on Hyundai Samho Heavy Industries' IPO for this year

[Source: Korea Shipbuilding & Offshore Engineering]

Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, reiterated that it is set to go public with Hyundai Samho Heavy Industries this year, regardless of the major flop in the M&A that would have made it the world’s biggest.

Vice chair Ka Sam-hyun confirmed the plan in his meeting with analysts on Tuesday, according to bank sources.

KSOE had promised to list Hyundai Samho dockyard within the following five years when it drew 400 billion won ($335 million) from IMM Private Equity in 2017.

KSOE oversees Hyundai Heavy industries, Hyundai Mipo Shipbuilding and Hyundai Samho. Hyundai Heavy Industries was first to go public on the Kospi in September last year. The shipbuilding group turned into a holding entity when it agreed to buy the majority stake in Daewoo Shipping & Marine Engineering under state ownership in 2019. The M&A however flopped after the European Union disapprove of the merger.

Shares of KSOE were 1.5 percent down at 89,900 won as of 2:21 p.m. Thursday.

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