May 03, 1999 20:01
The 'big deal' in the rolling stock sector has effectively been completed it was reported Monday as representatives of Hyundai Precision & Engineering, Daewoo Heavy Industries and Hanjin Heavy Industires signed an agreement that will merge their respective units into the Korea Railway Carriage Corporation. The share ratio of the new company will be 4:4:2 for Hyndai Daewoo and Hanjin respectively and it will have a paid in capital of W203.3 billion won and assets valued at W800 billion. The company will commence operations in June with creditor banks transferring W73 billion in loans to assets. The new company will face a staff reduction of 10%.
(Lee Dong-hwan, email@example.com)
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