SEOUL: South Korea’s Hyundai Heavy Industries Holdings has raised 800 billion won ($720.93 million) through the pre-initial public offering (IPO) financing of affiliate Hyundai Global Service, the firm said on Tuesday.

Hyundai Heavy said it signed a pact to sell 38 percent of Hyundai Global Service shares to US investment firm KKR for 646 billion won, adding that it would get a cash dividend of 150 billion won from Hyundai Global Service.

In a statement, KKR said it valued Hyundai Global Service at nearly 2 trillion won.