Just as Hyundai Merchant Marine (HMM) might have thought it had weathered the worst of the financial storm, today it suffered a record plunge on the Seoul bourse.
The stock price fell by as much as 30% to its lowest price since March 2003 as investors became concerned at HMM’s just announced plan to issue KRW200bn ($179m) of convertible bonds, something that could dilute shareholdings.
HMM will sell the convertible bonds with a 0.5% yield to five creditors as it concludes a six-month long restructuring program.
HMM’s stock is down 73% so far this year.
Source: Splash 24/7
Source: Splash 24/7