Hyundai sells division for $1.5 billion

Hyundai Merchant Marine executes second major disposal of the year.

Hyundai Merchant Marine has succeeded in further cutting its large debt pile via its second major disposal of the year. Having started 2002 with a gearing level around the 1,400% level, the company is now believed to have cut the figure to about a quarter of the original amount.

The Korean shipping giant earlier sold three Korean ports to Hutchison Whampoa for $215 million.
On Saturday it announced it will sell its car-carrier division to Wilh Wilhelmsen and Wallenius Lines for the sum of $1.3 billion in cash and $200 millionĀ in assumed debt.

This combined $1.7 billion worth of disposals has seen HMM's progressive and forward thinking management reduce its debt to...


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