Samsung Heavy to raise $1.1B for green ship tech development

South Korean shipbuilder Samsung Heavy Industries (SHI) has decided to sell stock and raise around KRW 1.23 trillion ($1.1 billion).

As informed, SHI intends to use the capital to develop environmentally friendly ship technologies as well as to improve its financial position.

Specifically, the shipbuilder will issue 250 million common stock worth KRW 4.950 per share. The price will be confirmed on 25 October 2021, SHI said in a stock exchange filing on 17 August.

20 percent of the new shares will initially be offered to SHI employees, and the remaining shares to the company’s shareholders. After this, the public will have the opportunity to buy the shares, according to Yonhap News Agency.

Earlier this month, another shipbuilder in Korea, Hyundai Heavy Industries (HHI), revealed it would raise capital amounting up to KRW 1.08 trillion in an effort to fund the development of eco-friendly vessel technologies.

As disclosed, the shipbuilder plans to offer 18 million new shares through an IPO at a price ranging from KRW 52,000 to KRW 60,000 each.