Korea Development Bank (KDB)

HMM must not be slanted towards containers, says KOBC boss

The new president of Korea Ocean Business Corporation (KOBC), HMM’s second-largest shareholder, said that South Korea’s flagship container line should diversify further beyond its main business.

Ahn Byung-gil was discussing HMM’s plan to acquire SK Shipping’s tanker and dry bulk operations.

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https://container-news.com/hmm-must-not-be-slanted-towards-containers-says-kobc-boss/

HMM sale to Harim-JKL collapses

HMM will not be sold to the Harim Group-JKL Partners consortium, after talks with the South Korean flagship carrier’s state-controlled shareholders, Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC), fell through after midnight Seoul time today (7 February).

After seven years of being under state control following a debt-for-equity swap to avert bankruptcy, it appeared that HMM would have a new owner in December 2023, when the Harim-JKL consortium was favoured over 3PL...

https://container-news.com/hmm-sale-to-harim-jkl-collapses/

HMM suitor Dongwon receives KDB funding to run Busan terminal

South Korean logistics and deep-sea fishing conglomerate Dongwon Group, which is one of the bidders for HMM, has secured approximately US$280 million in financing from KDB Smart Ocean Infrastructure Fund, a scheme led by state-controlled policy lender Korea Development Bank (KDB).

The funds will be used to operate a new container terminal under Phases 2-5 and 2-6 of Busan New Port’s West Container Terminal, which upon its opening in the first half of 2024, will be the country’s first fully...

https://container-news.com/hmm-suitor-dongwon-receives-kdb-funding-to-run-busan-terminal/

Update: KDB to exchange 37% of HMM convertible bonds; state to sell nearly 58% stake

Korea Development Bank (KDB) has announced that as part of its divestment of HMM’s shares, it will sell all its existing shares, plus 37% of its convertible bonds.

In a notice posted on 20 July on Korea Online E-procurement System, which manages the South Korean government’s procurement processes, including bidding and contract-signing, KDB said that it will sell its 20.69% stake, comprising 101.19 million shares. KDB will also exchange KRW1 trillion (US$782 million) of the KRW2.7 trillion...

https://container-news.com/update-kdb-to-exchange-37-of-hmm-convertible-bonds-state-to-sell-nearly-58-stake/

Advisors appointed for HMM sale

Samsung Securities has been appointed to manage the sale of the South Korean government’s shares in HMM, while Samil PricewaterhouseCoopers and law firm Lee & Ko will be the accounting and legal advisors for the process.

The appointments come after HMM’s two largest shareholders, Korea Development Bank (KDB) and and Korea Ocean Business Corporation (KOBC), announced on 2 March that they would begin the process of divesting the state’s interest in the country’s flagship carrier.

Particularly, the...

https://container-news.com/advisors-appointed-for-hmm-sale/

Korea Development Bank, Korea Ocean Business Corporation start HMM sale process

HMM’s two largest stakeholders, Korea Development Bank (KDB), and Korea Ocean Business Corporation (KOBC), announced on 2 March that they will form an advisory group to sell the government’s interest in South Korea’s flagship shipping line.

One company in each of the three areas of divestment, accounting, and legal affairs, will be selected to form an advisory group, which KDB and KOBC hope can be done by 22 March.

KDB, a state-backed policy lender, said that HMM has reached a normalised stage...

https://container-news.com/korea-development-bank-korea-ocean-business-corporation-start-hmm-sale-process/

KDB sounds out potential buyers for HMM shares

Korea Development Bank (KDB) has identified Hyundai Motor, steel mill POSCO, logistics group LX Pantos and SM Line as potential buyers for its 20.69% stake in South Korean flagship carrier HMM.

KDB said on 23 November that it has met with representatives of the aforementioned companies to see how its stake in the company can be sold. Meanwhile, Korea Ocean Business Corporation, which owns 19.96% of HMM, is not in a hurry and prefers to gradually offload its stake in the company.

It will be a...

https://container-news.com/kdb-sounds-out-potential-buyers-for-hmm-shares/

KOBC, KDB start container leasing scheme for mid-sized South Korean feeder players

Korea Ocean Business Corporation (KOBC), a state-backed ship finance organisation, will invest US$69.5 million in the K-Container Box Fund Investment Program, along with Korea Development Bank (KDB) and compatriot asset management firm Multi Asset Global Investments to lease containers to mid-sized local feeder operators.

The three parties announced today (21 October) that the scheme aims to help these feeder operators to procure containers at competitive rental rates.

Since 2019, KOBC has...

https://container-news.com/kobc-kdb-start-container-leasing-scheme-for-mid-sized-south-korean-feeder-players/

South Korea’s Minister: HMM divestment depends on market conditions

South Korea’s Minister for Oceans and Fisheries Cho Seung-hwan said on 6 October that stock market conditions and the shipping cycles would determine when the state should dispose of its interest in the country’s flagship carrier HMM.

The last two years brought record profits for HMM as container freight rates rocketed to all-time highs, resulting in calls for the company to come off government support, which had been in place since 2016 after the company found itself on the brink.

The state...

https://container-news.com/south-koreas-minister-hmm-divestment-depends-on-market-conditions/

Hanwha poised to take charge of DSME

South Korean chaebol Hanwha Corporation is set to enter the shipbuilding business after being named today (26 September) as a preferred bidder to buy most of state policy lender Korea Development Bank’s (KDB) holdings in Daewoo Shipbuilding & Marine Engineering (DSME).

Founded by Kim Chong-hee, Hanwha’s business spans the defence, aerospace, construction and finance sectors; the group is South Korea’s seventh-largest conglomerate. Hanwha is expected to acquire 49.3% of DSME’s shares for US$1.39...

https://container-news.com/hanwha-poised-to-take-charge-of-dsme/

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