SEOUL-- Hyundai Heavy Industries Co., a major shipyard here, said Wednesday that it has decided to sell a hotel chain operator for 200 billion won (US$179 million) as part of its efforts to improve its financial status amid continuing lackluster business conditions.

The asset sale is part of its broader 3.5 trillion won self-rehabilitation measures unveiled last year, including sales of non-core assets and a cut in its workforce, in order to stay afloat amid a drop in new orders.

Hyundai Heavy and its two affiliates -- Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. -- have been accelerating the sales of stakes in POSCO, Hyundai Motor Co. and other companies since last year. In 2016, they raised a combined 2 trillion won in cash by selling non-core assets.

This year, they also raised 1 trillion won through spin-offs of business units and asset sales.

With the move, Hyundai Heavy's debt ratio fell to below 100 percent from 134 percent at the end of March last year.

In the coming months, Hyundai Heavy also plans to sell more non-core assets, including its brokerage house unit.

Source: Yonhap News Agency