News / HMM sale less likely as Korea increases stake

Korea Development Bank and Korea Ocean Business Corporation are expected to increase their stake in HMM to 59%, as HMM will repay 6% of convertible bonds issued to the two state-backed institutions.

The repayment amounts to nearly $74m, after the windfall from the Red Sea crisis leaves South Korea’s flagship carrier with cash holdings of nearly $800m as of 31 March.

An HMM spokesperson told The Loadstar: “HMM has enough cash, so it is correct that we decided to repay in advance. ...