Saneun-Haejingong, HMM Sale Process Begins... Service Agency Selection Underway

On the 2nd, the Korea Development Bank and the Korea Ocean Business Corporation announced that they have jointly initiated the selection process for a service provider related to the sale of HMM's management rights.

The selected service provider will offer comprehensive consulting services covering the entire sales process, including the development of sales strategies. One firm each will be selected for sales advisory, accounting advisory, and legal advisory to form an advisory group.

According to the two institutions, HMM has reached a normalization stage through efforts such as a bondholders' voluntary agreement and joint management by the Korea Development Bank and the Korea Ocean Business Corporation following a liquidity crisis at the end of 2013, resulting in improved financial structure and expanded business foundation.

In response, the Korea Development Bank and the Korea Ocean Business Corporation discussed various methods for HMM's sustainable growth amid rapid changes in the shipping industry environment and reached a consensus to proceed with the management rights sale process.

The Korea Development Bank and the Korea Ocean Business Corporation stated, "We will do our best to ensure that the sales process, including consulting such as the development of sales strategies, proceeds smoothly together with all stakeholders involved with HMM."

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