Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC) have officially launched the tender procedure for the Sale of their shares in the South Korean shipping company HMM which consist of a total of 398.8 million shares ordinary shares, equal to approximately 38.9% of total share capital, shares which the two South Korean financial institutions intend to sell in a single solution even if the number of shares covered by the sale may be changed at the time of the offer final. The deadline for submitting tenders is set at 17.00 (Korean Standard Time) on August 21st.

The outcome of the procedure is burdened, inter alia, by the uncertainty of the convertible bonds, for a total value of 2.68 trillion won ($2.1 billion) held together by KDB and KOBC, bonds that if they were to be converted into Shares would result in an increase in the selling price. Unknown which is not clarified by the communication of the initiation of the sale procedure published by KDB and KOBC although some sources state that the intention would be to carry out such a phase. conversion, sources according to which, in addition, the two institutes public finance would intend to sell their shares of the shipping company for a total of at least five trillion won ($3.9 billion), more than limit indicated by SM Group President, Woo Oh-Hyun, so that your group can propose to buy HMM ( of 20 July 2023).

At the opening of trading, today the share price of the HMM was set at 21,000 won, then closed until about 19 thousand won, figures that they assign to the shares held by KDB and KOBC a total value between 7.6 and 8.4 trillion won.