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[Alpha Biz=(Chicago) Reporter Paul Lee] It is heard that Pan Ocean under Harim Holdings, which is the main body of the acquisition of HMM, is pushing for a capital increase of up to 3 trillion won.
According to the industry on the 20th, the Pan Ocean and JKL Partners Consortium participated in the main bidding for the sale of HMM and submitted a funding plan. Previously, the Korea Development Bank and the Korea Maritime Promotion Agency selected the Pan Ocean and JKL consortium as the preferred bidder for the acquisition of HMM the previous day. The acquisition price is known to be around 6.4 trillion won.
The Korea Development Bank and the Korea Maritime Promotion Agency plan to sign a SPA after negotiating detailed terms of the contract in the future and close the deal in the first half of next year. Harim Holdings holds a 54.7% stake in Pan Ocean as of the end of September.
Harim Holdings has about 983.4 billion won in cash and cashable assets and 310.3 billion won in short-term financial products as of the end of September. As a result, Harim is unlikely to have much difficulty in taking responsibility for about half of the capital increase in proportion to its stake. In an interview with some media, Harim Group Chairman Kim Hong-kook said he would use only about 2 trillion won in acquisition financing considering the high interest rate situation.
It is also discussed to participate in the pan ocean capital increase by using 86,000 square meters (26,000 pyeong) of the site of the Yangjae-dong logistics center owned by Harim Industrial, to borrow it directly as collateral to use it for capital increase, and to strengthen the credit of the acquisition financing process.
If Harim, which owns Pan Ocean, successfully acquires HMM, the nation's No. 1 container carrier and the nation's No. 1 bulk carrier (loads unpacked dry goods such as coal and cement) will be under one roof.
"We cannot disclose details of the bidding, including the bid price, and detailed terms of the negotiations due to a confidentiality agreement with the sale," Pan Ocean said on the same day.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
