Hyundai Merchant Marine will sell 40% of Hyundai-Busan New Port Terminal Co. to PSA

  The South Korean shipping company Hyundai Merchant Marine (HMM) is going to sell most of its stake in the enterprise terminal Hyundai Pusan ​​New Port Terminal Co. (HPNT), which is equal to 50% of the share capital plus one share, the terminal operator PSA Corporation of Singapore. This was the South Korean newspaper “Pulse” anticipated today stating that the transaction was confirmed yesterday by sources of investment banks and that the agreement will be signed on Wednesday, the day the HMM, with a statement to the Stock Exchange in Seoul, has It confirmed it will announce the terms of a sale agreement with PSA.

According to the newspaper, the sale of the stake, which will have a consistency of 40% of the entire capital, could take place for about 100 billion won (86 million dollars). HMM would keep about 10% of the HPNT capital.

Hyundai Pusan ​​New Port Terminal Co., which manages the docks of the port of Pusan ​​who have an annual containerized traffic capacity of almost 2.5 million TEUs, was formed in 2010 with the spin-off of terminal operations by HMM. Currently the remaining portion of the company’s capital (50% minus one share) is held by the investment company South Korean IMM Investment Corp., which owns one of the companies that are part of its portfolio holdings in the terminal company Hanjin Newport Co. (HJNC) of Pusan ​​and the shipping company Hyundai LNG Shipping.

In the port of Pusan ​​PSA Singapore already operates in a joint venture with Hanjin Transportation, the container terminal Pusan ​​Newport International Terminal (PNIT), which has a traffic capacity of over 2.2 million TEUs. Also in Korea the group of Singapore also operates the Incheon Container Terminal of the port of Inchon