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Hyundai Heavy to boost finances for expected shipbuilding rebound

South Korean conglomerate will issue $1.2bn in new shares and list Hyundai Oilbank

The Hyundai Heavy Industries Ulsan Shipyard in Ulsan, South Korea

SEOUL -- South Korea's Hyundai Heavy Industries Group plans to improve finances to bolster its core shipbuilding business. The move comes in anticipation of a warming shipbuilding market and will help clear the conglomerate's debts.

Hyundai Heavy Industries, the best earnings performer among the country's three largest shipbuilders, will issue new shares worth about $1.2 billion while a group company will list an initial public offering. Both deals are intended help weather slumps in the shipping industry.

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