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Hyundai Group lose its grip over Merchant Marine

현대상선 우선주 발행 늘리기 무산

March 26, 2011

Hyundai Group narrowly lost its proposal yesterday to issue more preferred shares in an effort to increase its managerial control over Hyundai Merchant Marine, the group's flagship company.

The vote underscored a growing feud between Hyundai Group and other companies formerly associated with the Hyundai conglomerate before it was split up a decade ago.

Hyundai Group has feared that rival factions headed by Hyundai Heavy Industries and Hyundai Motor Group might be preparing an attempt to battle for control of Hyundai Merchant, which could eventually led to a takeover of Hyundai Group.

Hyundai Group had proposed increasing the ceiling on the issuance of preferred shares by Hyundai Merchant to 80 million shares from the current 20 million shares, which would have increased its voting rights over the nation's No. 2 shipping company.

Hyundai Group needed two-thirds approval among Hyundai Merchant shareholders for the share proposal, but gained 64.95 percent support, just 1.7 percent short of approval.

Hyundai Heavy Industries, KCC, Hyundai Department Store and Hyundai Development Company voted against the proposal, while Hyundai Marine & Fire Insurance abstained.

The proposal had appeared headed for approval earlier, when Hyundai Development pledged its support. Then Hyundai Development suddenly switched sides on Thursday, saying it would oppose the plan.

Hyundai Heavy and its affiliate Hyundai Samho Heavy Industries, which led the opposition, own a combined 23.8 percent in Hyundai Merchant. Hyundai Group and its allies own about 43 percent of Hyundai Merchant.

Hyundai Group said the vote revealed that Hyundai Heavy and its allies "showed their desire to take over Hyundai Merchant's management rights."

Hyundai Group is also demanding that Hyundai Motor give up a 7.8 percent stake in Hyundai Merchant it recently acquired as part of its takeover of Hyundai Engineering & Construction. Hyundai Group made an unsuccessful bid for the Hyundai E&C stake in effort to place the stake under its control.

 

By: Jung Seung-hyun [seungjung@joongang.co.kr]

http://joongangdaily.joins.com/article/view.asp?aid=2933964

 

 

The Commissioning of Hyundai Engineering's 160 Million USD- SIPCO Project in Thailand

Our company (Hyundai Engineering) held a completion  ceremony of SIPCO Combined Cycle Plant in Thailand last January 11th 2011. (Project Site Manager:  Lee, Sung-ji). CEO Tunku Dato’Ya’acob of Melewar Industrial Group(Ordering Organization), CEO Kim, Dong-wook and Vice President Kim, Ok-chul of Hyundai Engineering Co., Ltd have attended the ceremony in Rayong, Thailand.

 The SIPCO Combined Cycle Plant in Thailand order is a 160 Million US Dollar project which had been started last December of 2007 for the construction of 160 Mega Watt Combined Cycle Plant.  This project has been carried out through Engineering, Procurement & Construction (EPC) turnkey project.

We are proud to announce that we have completed the project for 25 days earlier from its deadline with excellent performance. The Melewar Industrial Group (ordering organization) stated “We want to make continuous partnership with Hyundai Engineering & Construction” with appreciation, and CEO Kim, Dong-wook responded as “We also expect that we will take a part in new coming projects.”

 

Hyundai Heavy Industry Develops Surgical Robot

The Robot Surgeons.

Hyundai Heavy Industries Co., a South Korean shipbuilding and machinery giant, said Monday that it has developed critical components for the country's first surgical assistant robot, Yonhap news agency reported.

The company said it won certification from the Ministry of Knowledge Economy for the main body and control system for "Robodoc," which won permission from the United States Food and Drug Administration (FDA) for use in surgery.

The development effectively permits Robodoc to be completely made with indigenous technology and parts, without relying on foreign suppliers. The machine has been approved for human joint repair surgery and can be operated "hands off" with minimal human oversight.

"The development is noteworthy because there have been steady calls to make local parts, instead of relying exclusively on imports that hurt profit levels," the company said.

It added that the experience and knowhow learned could be used to grab the market for other surgical robots that can engage in very complicated vertebra and brain surgeries down the road.

Robodoc, currently made by Curexo Inc. in Bundang, south of Seoul, was originally developed by Integrated Surgical Systems (ISS), a United States company that was spun off from IBM.

The South Korean company had bought up related patents and assets after the ISS initially failed to win operating permission from the FDA.

Hyundai Heavy Industries, which had teamed up with Curexo for the development project, said it will start full scale production of the robot's main body this year with the locally developed control system to be incorporated on the surgical assistance machine starting in 2013.

The South Korean company said that accumulated sales should reach 200 billion won (US$178.5 million) by 2015, with Robodoc expected to capture 60 percent of the global surgical assistant robot market that could grow 20 percent annually every year. The global market could reach 12 trillion won in 2014.

Hyundai Heavy Industries, which operates the world's largest shipyard and engages in the manufacturing of industrial robots, said talks, are presently underway to get more domestic hospitals to use the surgical robot that can create a market needed for more investments and production.

 

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