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BlackRock may inject up to US$879m in HMM through potential share deal
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Time:2017/8/28 12:06:46 |
HYUNDAI Merchant Marine (HMM) is in talks with American global investment management firm, BlackRock, to invest between KRW600 billion and KRW1 trillion (US$527 million to $879 million) in the financially distressed carrier, the Korea Economic Daily reported, citing investment banking and shipping industry sources.
An HMM spokesperson told American Shipper that it has "had a talk with BlackRock, but nothing was definite yet."
If the deal materialises, the New York-based firm would become the second largest shareholder in HMM after the state-owned Korea Development Bank, according to the Korea Economic Daily.
The South Korean government has pumped KRW1.5 trillion into HMM to keep it afloat in the wake of the bankruptcy of Hanjin Shipping.
In the second quarter of this year HMM posted a loss of KRW173.7 billion, compared to a profit of KRW216 billion during the same period in 2016, according to a filing on the DART Repository of Korean Corporate Filings. Second quarter revenues were up 22 per cent year on year at KRW1.24 trillion on the back of higher volumes. | | | | | | | |
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