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Harim Group, along with a local private equity partner, has been selected by state creditors as the winning party to take a majority stake in South Korea’s flagship carrier, HMM.
The two government institutions – Korea Development Bank and Korea Ocean Business Corp – are to sign a stock purchase agreement with Harim Group after negotiating the terms and finalising the deal in the first half of next year for the 57.9% stake in HMM.
Harim Group is best known for its poultry business, but it already has a sizeable exposure in shipping, having bought Pan Ocean, one of the nation’s largest bulk owners, a few years ago.
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