[Alpha Biz=(Chicago) Reporter Paul Lee] Kang Seok-hoon, chairman of the Korea Development Bank, said on the 20th, "As there are many places that have expressed their intention to acquire HMM, it will be possible to sign a SPA as early as this year." 

 

The Korea Development Bank also plans to ask the government for additional support as its financial structure has deteriorated rapidly following a massive loss of its subsidiary KEPCO.

Kang introduced the progress of the sale of major management companies at a press conference marking the first anniversary of his inauguration at the KDB headquarters in Yeouido, Seoul. Regarding the sale of his stake in HMM, "We are selecting a sales advisor and conducting consulting in April this year, and the final conclusion will be finalized soon," he said. "Some candidates are interested in asking a number of strategic investors who are willing to take over."

The Korea Development Bank is the largest shareholder with a 20.69% stake in HMM and is in the process of selling the HMM to the Korea Maritime Promotion Agency (19.96%), the second-largest shareholder. Although Hyundai Glovis and POSCO were mentioned in the market as candidates for the acquisition, speculation has been raised that the sale will be difficult as both companies deny their intention to take over.

 

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