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An HMM container vessel (Photo courtesy of HMM) |
[Alpha Biz= Kim Jisun] The Korea Development Bank (KDB) has begun reviewing an option to sell its own stake in HMM independently, as part of efforts to accelerate the shipping company’s privatization.
In a written response submitted on Tuesday to Kang Jun-hyun of the Democratic Party of Korea, KDB said for the first time that it is considering a standalone sale of its 35.4% stake (334 million shares) in HMM as one of several divestment options.
HMM’s largest shareholders are KDB, which holds 35.4%, and the Korea Ocean Business Corporation (KOBC), which owns about 35%. During the previous sale attempt in July 2023, both KDB’s and KOBC’s stakes were put on the market together. At that time, a consortium led by Harim and JKL Partners was selected as the preferred bidder, but the deal ultimately fell through.
KDB said it is now actively reviewing the possibility of selling only its own stake should another divestment process be launched. However, it noted that such a move would require consultations with relevant authorities, including the Financial Services Commission, the Ministry of Oceans and Fisheries, and KOBC.
The shift reflects strong intent by KDB Chairman Park Sang-jin to pursue an early privatization of HMM. Park has repeatedly emphasized since his nomination last year that the timing is appropriate for HMM to transition to private ownership.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
