A sale could help struggling South Korean shipping conglomerate Hyunda Merchant Marine raise cash as it attempts to restructure its massive debts.
Multinational conglomerate the Lotte Group plans to enlarge its ownership in Hyundai Logistics for 410 billion won (U.S. $350 million), according to reports from South Korea media including The Korea Herald and Pulse by Maell Business News Korea.
Pulse says Lotte, which is involved in the confections business as well as logistics and other businesses, is already a owner of Hyundai Logistics through the company IGIS I Corp., and would use the purchase to “reinforce its delivery and logistics business.”
It said the deal could help “ease the cash crunch” at struggling South Korean shipping firm Hyundai Merchant Marine, which is also a partner in IGS I, as the company attempts to restructure its massive debts.
Lotte Group seeks to expand stake in Hyundai Logistics
