Korean firm KB Financial will pay $867 million to acquire a 22.56 percent stake in Hyundai Securities from HMM, according to multiple media reports.
KB Financial Group will acquire a 22.56 percent stake in Hyundai Securities Co. from Hyundai Merchant Marine (HMM) for 1 trillion won ($867 million), according to multiple media reports.
Korea’s Yonhap news agency said KB was selected as the preferred bidder, besting two other companies seeking to buy the brokerage. Business Korea said the deal is expected to be completed in May or June following approval from the relevant regulatory authorities.
Selling its stake in the securities firm is part of HMM’s ongoing “self-rescue” plan to increase liquidity and improve its finances.
Earlier this week, HMM said it had closed on a deal to to an agreement to sell a 40 percent interest plus one share in its Hyundai Pusan New Terminal to Singapore’s PSA for 80 billion won ($70 million).
HMM has also won a three month loan extension from creditors and is seeking to renegotiate containership charters.
Hyundai Merchant Marine sells stake in securities arm
