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27 May 2019 The on-line newspaper devoted to the world of transports 13:07 GMT+2

March 8, 2019

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Hyundai Heavy Industry has signed undersigned the contract with KDB in order to acquire control DSME

The Board deliberates the subdivision of the group in two entity

Today the South Korean navalmeccanico group Hyundai Heavy Industry (HHI) has undersigned the contract with Korea Development Bank (KDB) in order to acquire the control of the shipbuilding society Daewoo Shipbuilding & Marine Engineering Co. (DSME)(on 12 February 2019). Always today the board of directors of the HHI has met in order to deliberate the subdivision of Hyundai Heavy Industries in two entity: holding Hyundai Heavy Industries InvestCo, quoted in Stock exchange and participated to 28% from the HHI and 18% from the KDB, and its society integrally controlled Hyundai Heavy Industries OpCo. Besides 100% of the capital of this last society, Hyundai Heavy Industries InvestCo will stop 80.5% of the capital of Hyundai Samho Heavy Industries, 68% about of the capital of the DSME, 42.3% of the capital of Hyundai Mipo Dockyard and other participation in other societies of group HHI.

According to the forecasts, the completion of the agreement of fusion HHI-DSME will be carried to term in the last trimester of this year.

In 2018 group HHI, included Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, have acquired new orders in the single field of the shipbuilding for a value pairs to 13,97 billion dollars (of which 6,87 billion by the single HHI) and for the 2019 new orders for a total of 15,90 billion dollars are attended. Last year the turnover of the South Korean group is piled to 13.120 billion won (12 billion dollars), with a bending of -15,2% regarding the 15.469 billion one won in 2017, of which 9.634 billion won in the single segment of shipbuilding (- 2.9%). In 2019 a turnover of 14.986 billion won is attended, of which 12.490 billion in the segment shipbuilding.

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