HHI sells entire shares of hotel business for $180m

HHI has also secured KRW1trn to-date this year as part of the KRW3.5trn management improvement plan with an aim for the group to rebuild trust in the market and improve its balance sheet by 2018.

A HHI official said the group has achieved about 90% of the management improvement plan so far.

With the hotel business now sold, HHI is looking to sell more non-core businesses including Hi Investment & Securities, construction equipment engine firm Hyundai Cummins and wind power gear box maker Jake in Germany.

In April this year, HHI cut off its affiliation with its construction equipment and electro electric systems divisions, Hyundai Construction Equipment and Hyundai Electric & Energy System, making them independent corporations now.

With these and other measures taken by HHI since June last year, the group has lowered its debt-to-equity ratio to around 90% as at end-June this year compared to 134% as at end-June 2016.