HD Korea Shipbuilding Says Investment Undecided for HD Hyundai, Kiewit's US Shipbuilding JV Agreement

MT Newswires Live10-23 14:29

HD Korea Shipbuilding & Offshore Engineering (KRX:009540) said Friday that its parent HD Hyundai's (KRX:267250) U.S. subsidiary, HD Hyundai USA, and Kiewit Offshore Services signed an agreement on Thursday in Houston to establish a joint venture named HD Kiewit Shipbuilding.

The companies have continued discussions since entering a key partnership in July, according to a Friday filing with the Korea Exchange.

However, plans to raise project investment to trillions of Korean won through a paid-in capital increase, as reported by The Korea Economic Daily on Oct. 23, remain under discussion. No specific details have been finalized yet, the filing said.

HD Hyundai said it will provide an update once details are confirmed or within one month, it said.

Shares of HD Korea Shipbuilding & Offshore Engineering fell over 2% in recent trade, while those of HD Hyundai declined over 3%.

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