SAMA buys stake in Hyundai Mipo

The Saudi Arabia Monetary Agency (SAMA), has bought a 7.26 percent stake in Hyundai Mipo Dockyard Co., the South Korean shipbuilder disclosed in a regulatory filing.

According to the filing, SAMA purchased 1.45 million shares on the Seoul bourse from January 7 to January 12.

The company’s shares climbed 0.59 percent on Thursday, reaching KRW 67,900 (USD 62.7).

SEMA’s stock purchase was described as ‘bargain hunting,’ seeing that the faltering shipbuilder’s shares reached lowest levels since 2006.

The shipbuilder recorded KRW 606.4 billion (USD 562.3m) in operating loss in the third quarter of 2014, receiving USD 1.8 billion worth of new orders in 2014, the least in five years.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.