HMM revealed that with respect to the sales of its LNG carrier business, it received letters of intent from six companies and decided to sell its asset to IMM Investment which made the highest bid among them.
The sales price is 1.1 trillion won, including the assumption of debts. After IMM Investment carries out due diligence, a formal contract is expected to be signed within March.
With this, Hyundai Group will implement more than one third of its 3.3 trillion won self-rescue plan it revealed at the end of last year.
In addition to the sales of the LNG carrier business, Hyundai Group secured 56.3 billion won by selling off 18,097 containers and 46.5 billion won by selling its 1.13 million shares of KB Financial Holdings.
Hyundai Merchant Marine owns a total of ten LNG carriers, transporting 7.3 million tons per year, which is equivalent to 20 percent of Korea’s annual LNG imports.
