SEOUL, KOREA - Hanjin Shipping plans to procure about 300 billion won in cash by selling its stake in terminals, including Algeciras Terminal in Spain.
According to industry sources on November 11, Hanjin Shipping is driving forward with a “terminal stake package securitization,” aimed at securing 300-billion-won funds by selling stakes in major terminals in and outside Korea. To this end, Hanjin Shipping selected Samil PricewaterhouseCoopers as a lead manager.
Included in the package will be Algeciras Terminal in Spain, a strategic foothold to expand business in South Europe and Africa. The terminal posted sales of 41.5 billion won and net profits of 3 billion won for the first half of this year.
Hanjin Shipping is now reviewing the idea of selling its 49 percent stake in TTI-A that was established to operate the terminal. The company is also looking into the feasibility of selling its stake in Hanjin Shipping New Port which runs a container dedicated terminal at the port of Busan.
