Photo = HMM Container Vessel

 

 

[Alpha Biz= Paul Lee] HMM is set to begin formal procedures to relocate its headquarters from Seoul to Busan, with growing expectations that a revision to its articles of incorporation will be discussed at the upcoming board meeting.

According to HMM on March 27, the company will convene a board meeting on March 30. While the specific agenda has not been disclosed, industry sources anticipate that an amendment to change the company’s registered headquarters location to Busan will likely be proposed.

As the current articles of incorporation designate Seoul as the company’s headquarters, an amendment is required for the relocation. If approved by the board, the proposal will proceed to an extraordinary general meeting of shareholders for final approval.

The likelihood of shareholder approval is considered high. HMM’s largest shareholders—Korea Development Bank (35.42%) and Korea Ocean Business Corporation (35.08%)—together hold a combined 70.5% stake, suggesting the proposal could pass without significant difficulty.

However, internal resistance remains a key uncertainty. On March 25, the HMM chapter of the Korean Federation of Office and Finance Workers’ Unions held a press conference near the presidential office, criticizing the government-led relocation plan as “an act that undermines national shipping competitiveness” and declaring an all-out struggle. The maritime labor union, which had previously taken a cautious stance, also joined in solidarity, escalating tensions.

The union plans to launch a large-scale protest rally on April 2 and has warned that it will proceed with a general strike if the relocation is pushed forward unilaterally.

 

 

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