[Alpha Biz=(Chicago) Reporter Paul Lee] HMM launches privatization through the sale in seven years.
The KDB Development Bank and the Korea Maritime Promotion Agency announced on the 2nd that they have jointly begun the process of selecting a service provider for the sale of HMM management rights. The KDB Development Bank and the Korea Maritime Promotion Agency are the first and second largest shareholders with 20.69% and 19.96% of HMM shares, respectively.
Paradoxically, no progress has been made in the sale of HMM due to the booming shipping industry.
At one time, corporate value soared to over 20 trillion won in market capitalization, and the market capitalization alone still stands at 10.9789 trillion won as of that day.
Permanent convertible bonds issued during the funding process are also an obstacle to the sale. As of the end of last year, permanent convertible bonds issued by HMM amounted to 536 million shares if they were converted into stocks.
In the market, Hyundai Motor Group, CJ, LX Group, Samsung SDS and SM Merchant Marine are classified as potential candidates for acquisition. In particular, Hyundai Motor Group is related to Hyundai Merchant Marine, the predecessor of HMM.
AlphaBIZ 폴리(hoondork1977@alphabiz.co.kr)
