Samsung Heavy mulling building shipyard in Southeast Asian country

By Nam Kwang-sik

SEOUL, Oct. 1 (Yonhap) -- Samsung Heavy Industries Co. said Wednesday it is reviewing building a shipyard in the Southeast Asian region but nothing has been determined yet.

The disclosure by the world's third-largest shipbuilder came after Bloomberg reported Tuesday that the firm plans to build its first overseas facility either in Indonesia, Vietnam or Malaysia at a cost of about 1 trillion won (US$950 million) by 2017.

Samsung Heavy is scheduled to merge with Samsung Engineering Co., both affiliates of Samsung Group, by Dec. 1, combining their plant construction and management business to cover both land and sea. The merger is seen as a part of Samsung Group's overall restructuring drive.

Shares of Samsung Heavy Industries closed at 23,750 won on Wednesday, down 5.94 percent versus the benchmark KOSPI's 1.41 percent drop, after the disclosure.

ksnam@yna.co.kr
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