South Korean shipping conglomerate Hyundai Merchant Marine may be looking to sell its subsidiary securities firm, tourism unit, port container terminals, or bulk carriers, according to various media reports.
Several press reports on Monday said Hyundai Merchant Marine (HMM) plans to sell assets unrelated to its container business.
Reuters reported that an anonymous spokesman told it the South Korean shipping company “plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd.” after a plan to sell its 22.4 percent stake in the brokerage to Japan’s Orix Corp for about 647 billion won (U.S. $535.83 million) fell apart late last year.
Bloomberg also reported Monday that, according to a regulatory filing, the company plans to sell Hyundai Asan Corp., which oversees its assets in North Korea, including the Mount Kumgang (Geumgang) resort, for 37.4 billion won or $31 million to another Hyundai Group affiliate, Hyundai Elevator. It also cited a report that said Hyundai is looking to sell a stake in its Pusan shipping terminal.
The Korea Times said the company is also trying to sell bulk carriers to Hahn & Co., which acquired a majority stake in fellow Korean conglomerate Hanjin’s bulk shipping unit in December 2013.
HMM reportedly set to sell some assets
