Hyundai Merchant Marine Sells Off Two Million Shares

Hyundai Merchant Marine, South Korea's largest shipping firm, said on Friday it had sold about two million shares in Hyundai Heavy Industries to raise operating funds and repay debts.

"We sold about two million shares in Hyundai Heavy in the market," said a company spokesman. He did not say at what price the shares were sold.

The shipping firm would have received 62 billion won ($47.6 million) from the sale, based on Hyundai Heavy's closing price of 31,000 won on Friday.

Hyundai Merchant Marine shares finished up 0.3 percent at 3,000 won.

After the stock sale, Hyundai Merchant Marine would become the second largest shareholder in the shipbuilder with its stake dropping to 9.8 percent from 12.4 percent earlier.

Hyundai Merchant said it would sell off its remaining stake in Hyundai Heavy by the end of this year.

Hyundai Merchant posted 457.8 billion won ($351.9 million) in operating profit last year on 5.2 trillion won in sales.