HD Hyundai has reduced a guarantee for its subsidiary Oilbank's petrochemical joint venture to ₩250 billion from ₩300 billion. The reduction reflects a decrease in Oilbank's equity stake in the joint venture.
The guarantee covers the H&L Advanced company, formerly known as HD Hyundai Chemical. Oilbank's ownership in the venture fell from 60% to 50%. The lower guarantee matches the reduced ownership stake according to the contract terms. This shows how shareholder structure changes automatically adjust subsidiary obligations in joint ventures with multiple partners.
HD Hyundai operates shipbuilding, energy solutions, chemicals and industrial equipment businesses as a major industrial conglomerate in Korea.
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| Symbol | Last Price |
|---|---|
| 267250HD Hyundai Co., Ltd. | ₩240,500 +12.6% |