Press outlets have reported the Hyundai Group has announced a major restructuring plan, that will include selling financial assets and support for its shipping company, Hyundai Merchant Marine.
said, "The group plans to seek foreign investment for Hyundai Merchant, and sell additional Hyundai Elevator shares and carry out an initial public offering of Hyundai Logistics Co."
A Financial Times
report said the group hopes to raise about $3.1 billion Won through the restructuring.
Part of the plan involves sale of some part of shipping terminals business and restructuring of the company's bulk-carrier business.
Another part involves the sale of three financial units — Hyundai Securities, Hyundai Asset Management and Hyundai Savings Bank as well as the Banyan Tree Hotel in Seoul, the FT
The website for Business Korea magazine
said, “One of the most important tasks is a turnaround in the performance of Hyundai Merchant Marine. Though it is in the middle of intensive restructuring, the global shipping industry must recover before the company can really get back on the right track.”
It also said that "the plan is surprising to many in that the financial subsidiary has been an important pillar of the group, like the other promising assets it decided at this time to give up on."