[ 6 Major Korean Shipping Companies to offer… ]

6 Major Korean Shipping Companies to offer Their Stocks Publicly.
Under the circumstances, the major shipping companies including Hyundai
Merchant Marine Co.,(HMM) are preparing for their public offering of
stocks in order to raise funds for purchase of their required tonnages
and improve their financial structure.
According to the report presented to the National Assembly by the Korea
Maritime and Port Administration(KMPA), HMM has suspended the public
offering of its shares so far but they are now determined to do that
sometime next year and Korea Special Shipping Co., which has been already
implementing a stock-sharing plan for the internal employees, is plan-
ning to go public by the forthcoming 1997. In the meantime, Yukong
Line, a subsidiary of Sunkyung Group will most likely list their com-
pany into the open stockmarket after the year of 1997 while Cho Yang Line,
Keoyang Shipping Co., and Dooyang Line Co., will go for it after the
year of 1998.
Up to now, the companies already listed on the Korea Stock Exchange are
5 in total which are Hanjin Shipping Co., Korea Line Corp., Seyang Ship-
ping Co., Heung-A Shipping Co., and Kyung In Energy Co.,.
In the meanwhile, according to a survey made by KMPA last year, the whole
shipping companies’owned capital ratio was a 10.5% in 1993 and they are
planning to increase their owned capital as much as 319 billion won by
1998 through their internal reserves of net profit and issuing of
new shares to be purchased etc..