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 three days after Korean Air Lines said it planned to raise 3.5 trillion won by selling assets.