HHI Group finalizes 17% stake sale of oil refining unit to Aramco, raises W1.37tr
Dec 17, 2019
The world’s biggest oil company Saudi Aramco has become the second-largest shareholder of Hyundai Oilbank by paying its parent group Hyundai Heavy Industries Group 1.37 trillion won ($1.1 billion) for a 17 percent stake, according to a regulatory filing on Tuesday.This is in line with the investment agreement signed between HHI Group and Aramco on Jan. 28. HHI Group said it plans to use the proceeds to pay off borrowings to improve its financial structure and to invest in new business