Declining orders and an ailing offshore business has spurned Hyundai Heavy Industries to sell off stakes in various companies. A subsidiary of the South Korean giant has reportedly sold 1.3 million shares in the steel company Posco, according to The Korean Herald. The sale is reportedly at half the price of the original.
Recently, Hyundai Heavy also sold 3.16 million of its shares in Hyundai Motors for around USD 420 million, which was considered a favorable situation for both companies. According to observers, the sale of both Hyundai Motor and Posco amounted to approximately USD 1.2 billion, writes The Korean Herald.