A long-awaited sale of the Korean container ship HMM is set to go ahead after local investment bank Samsung Securities was appointed to find a buyer.
After several failed attempts, HMM’s two largest shareholders, the Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC), have created an advisory group to sell the government’s stake in the line: in addition to Samsung Securities, Samil PricewaterhouseCoopers and the law firm Lee & Ko will join as accounting and legal advisers.
KDB and KOBC are selling a 40.6% stake in the line, which could exceed 70% if the two parties also exercise convertible bonds due this year into shares. HMM is currently the eighth-largest container carrier in the world.
Source: Alphaliner
