KCC reduces stake in Hyundai Heavy via $601 million block

As the first major block trade in Asia, the deal sends a positive message about investor appetite to other potential sellers, although investors are expected to stay selective as the market environment remains uncertain.

Korean construction materials manufacturer KCC Corp raised W697.2 billion $601 million last night through the sale of a 3% stake in Hyundai Heavy Industries, the world’s biggest shipbuilder.

This was Asia’s first major block trade this year and saw KCC take advantage of the fact that there are no competing transactions in the market. If KCC had waited much longer, it would also have run into the blackout period related to the fourth quarter results,...

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