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[Alpha Biz=(Chicago) Reporter Kim Jisun] Regarding the acquisition of HMM by Harim Group Pan Ocean, the Korea Investors Service said on the 22nd, "We plan to review the impact of the creditworthiness of Harim Group and others at a time when the acquisition terms and funding measures are confirmed."
The Korea Credit Rating said in a report on Harim Group's credit impact assessment. Previously, the Pan Ocean and JKL Partners Consortium was selected as the preferred bidder for the acquisition of HMM on the 18th. The transaction volume is known to be around 6.4 trillion won. The goal is to close trading in the first half of next year through stock trading contracts and negotiations on acquisition conditions.
"As a net holding company of Harim Group, Harim's credit rating is affected by financial stability at the holding company level and the credit rating of its subsidiaries such as its flagship subsidiary Pan Ocean," the Korea Investors Service said. "The progress and impact of Pan Ocean's acquisition of HMM is a monitoring factor."
The Korea Investors Service also said, "If the related procedures go smoothly, Harim Group will incorporate HMM, the nation's largest container shipping company, into its affiliate, which is expected to require large-scale funds at the affiliate level," adding, "The financial burden on Harim Holdings and other affiliates may increase significantly depending on the financing structure."
The Korea Credit Rating explained, "We will monitor the smooth progress of the process in the future and plan to review the creditworthiness impact when the acquisition conditions and financing measures are confirmed."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
