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Hyundai to raise 3.3 trn won by selling assets


Hyundai Group, owner of South Korea's second-biggest shipping company, plans to raise at least 3.3 trillion won ($3.1 billion) by selling assets to boost cash. Hyundai will sell Hyundai Securities and two other financial units to raise as much as 1 trillion won, it said on Sunday. Hyundai Merchant Marine, the biggest shareholder of Hyundai Securities, plans to sell stakes in its terminal business and restructure bulk-carrier operations for 1.5 trillion won. The group also expects to reap 340 billion won by selling the Banyan Tree Hotel in Seoul, it said. Hyundai Group's plan comes ...

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First Published: Mon, December 23 2013. 00:01 IST