UBS takes a 5% stake in Hanjin Heavy

Seoul: UBS AG has bought a minority stake in South Korean shipbuilder Hanjin Heavy Industries for investment purposes. UBS AG and its units and funds bought a combined 5.06% stake in Hanjin Heavy, which is undergoing significant expansion with a new yard in Subic Bay, Philippines coming on stream plus news that a second Philippine venture is due for construction in the southern island of Mindanao.  [04/02/08]