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HDC Holdings to Participate in Capital Increase of HDC Hyundai Development
Raising Funds to Finance Acquisition of Asiana Airlines
HDC Holdings to Participate in Capital Increase of HDC Hyundai Development
  • By Choi Moon-hee
  • February 6, 2020, 11:53
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HDC Holdings will participate in a capital increase of HDC Hyundai Development to help its subsidiary acquire Asiana Airlines.

HDC Holdings Co., the holding company of HDC Hyundai Development which has acquired Asiana Airlines, announced on Feb. 5 that it will acquire 10.07 million shares of HDC Hyundai Development by participating in its capital increase. HDC Hyundai Development plans to increase its capital by 400 billion won this March.

HDC Hyundai Development is promoting a capital increase to finance its 2.1 trillion won acquisition of Asiana Airlines.

A total of 7.24 million shares have been allocated to HDC Holdings, which owns a 33 percent stake in HDC Hyundai Development. As HDC Holdings can acquire an additional 1.67 million shares, its stake in HDC Hyundai Development will increase to 37.3 percent.

“We will acquire as many shares as possible to strengthen the holding company’s control of its subsidiary,” an HDC Holdings official said.