Doosan Heavy Industries to sell 1.2 trillion won in shares to repay debt

Doosan Heavy Industries & Construction Co. (DHIC) will sell 1.2 trillion won worth of shares on Dec. 24 to repay its debts.

The shares consist of 121 million newly-issued ones at 9,980 won each.

Its short-term debts, due this year, reach 4.2 trillion won.

In March, DHIC received a 3 trillion won cash infusion from its creditors, including the Korea Development Bank (KDB), in exchange for asset sales and other cost-cutting measures.

Last week, Hyundai Heavy Industries Group confirmed its bid to acquire DHIC’s 36.07 percent stake in construction heavy equipment maker Doosan Infracore.

Hyundai Heavy took part in the bidding in a consortium with KDB Investment, a subsidiary of KDB.

Ready-mixed concrete maker Eugene Group also bid for the stake.