HMM looks to raise $449m from rights issuance

Seoul: Hyundai Merchant Marine, South Korea's second-largest shipping line plans to raise 500 billion won ($449 million) from a sale of commercial paper, the company said in a regulatory filing. All of Korea's largest shipping lines have been actively raising capital this year. HMM's parent, Hyundai Group, is in a fierce fight to buy out Hyundai Engineering and Construction. [03/11/10]