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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Korea Development Bank has begun the sale of HMM.
The Korea Development Bank and the Korea Maritime Promotion Agency issued a notice today (20th) for the joint sale of HMM management rights and began the sale process.
This sale will proceed through fair competitive bidding.
We aim to select a preferred bidder through the second stage of bidding and conclude a stock trading contract within this year.
The Korea Development Bank and the Korea Maritime Promotion Agency will first convert KRW 1 trillion worth of convertible bonds (CB) and bonds with warrant (BW) into stocks and sell them in October this year.
The stake in the sale is about 300 million shares, with a dilution-based stake of 38.9%, including permanent bonds currently held by the Korea Development Bank and the Korea Maritime Promotion Agency.
The event price of permanent bonds is 5,000 won, which is a quarter of today's closing price of 20,300 won.
For the remaining permanent bonds, we will gradually decide whether to convert them or not according to HMM's exercise of repayment rights.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
