[Special Stock] HMM Sale Falls Through... Pan Ocean Surges Over 23%

Concerns Over Large-Scale Paid-in Capital Increase Resolved

The stock price of Pan Ocean is strong as concerns over a large-scale paid-in capital increase have been dispelled following the breakdown of final negotiations between the largest shareholder for the sale of HMM and the Harim·JKL Partners consortium.

HMM headquarters located in Park One Tower, Yeouido, Seoul. Photo by Yongjun Cho jun21@

As of 9:28 a.m. on the 7th, Pan Ocean is trading at 4,435 won, up 855 won (23.88%) from the previous trading day. Initially, there were expectations that Harim Group would carry out a paid-in capital increase of up to 3 trillion won in Pan Ocean to raise funds for acquiring HMM, but the concerns over the capital increase have been alleviated due to the breakdown of negotiations.

Going forward, the sellers, Korea Development Bank and Korea Ocean Business Corporation, will retain their 57.9% stake in HMM and maintain the creditors' management system, and must restart the sales process. At the same time, HMM, which will continue to be under creditors' management, is trading at 18,820 won, down 340 won (1.77%) from the previous day.

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