News / Seoul builds its stake in HMM after KOBC converts bonds to shares

Kim Yang-soo    photo: Korea Ocean Business Corp

The South Korean government has consolidated its control over HMM after the Korea Ocean Business Corporation (KOBC) increased its stake in the flagship carrier more than five-fold , after exercising its right to change convertible bonds to shares a week ago.

HMM said it would fully redeem 191 privately placed convertible bonds and KOBC exercised its right on the same day. The number of shares subject to conversion claim is 83,647,000, and the conversion price per share is KRW7,173 ($6.13). The ...