HYUNDAI MERCHANT MARINE SELLS SHARES TO REDUCE DEBT     Korea

HYUNDAI MERCHANT MARINE SELLS SHARES TO REDUCE DEBT
    Korea’s Hyundai Merchant Marine has sold $110 million worth of shares in a group affiliate to reduce its debts.
    Hyundai sold five million Hyundai Electronics shares directly to Swiss bank UBS AG to avoid affecting the Korean stock market, Hyundai said.
    The shipping group intends to use all the funds to reduce its debt.
    Korean "chaebols," or conglomerates have been under pressure to reduce their debts and improve their level of financial transparency. Hyundai Merchant Marine is part of the Hyundai chaebol. Hyundai Merchant Marine said its share sale transaction addresses "investors’ concerns about the burden of holding the Hyundai affiliate’s shares."
    The Hyundai conglomerate includes Hyundai Merchant Marine Co. Ltd., Hyundai Logistics Co. Ltd., Hyundai Heavy Industries Co. Ltd., Hyundai Mipo Dockyard Co. Ltd., Inchon Iron & Steel Co. Ltd., Hyundai Motor Co., Kia Motors Corp., Hyundai Precision & Industry Co. Ltd., Hyundai Electronics Industries Co. Ltd. and many other businesses in the transport, automotive, construction, heavy industry, electronics and financial industries.