HMM raises KRW 114 billion by selling new shares

HMM has secured KRW 114 billion (USD 112 million) by issuing new shares to a new investor in a bid to improve its financial health.
HMM floated 6.81 million convertible preferred shares worth KRW 57 billion on June 16, selling them to Market Vantage Ltd., which already holds 2.92 million shares (1.73% stake) in HMM.

Convertible preferred shares include an option for the holder to convert the shares into a fixed number of common shares after a predetermined date. HMM's new shares sold to the investment firm can be converted into ordinary shares one year after their issuance. HMM will sell KRW 57 billion worth of new stocks to the investment firm in the second half of the year.

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