SM Line CEO, Park Kee-hoon said that investing excess funds from company profits in HMM is generating better returns than leaving the money in the bank where it will earn a lowly interest.
SM Line now holds a 6.29% stake in its larger and fellow South Korean liner operator after buying HMM’s stocks on several occasions going back to December 2021, but Park insisted that his company does not intend to acquire its rival.
Speaking at a press conference on 25 July, Park said, “We recorded an...