HMM is seeking to attract a new investor in Total Terminal International Algeciras (TTIA), a container terminal in Algeciras, Spain.HMM owns 50 percent minus one share of TTIA with the remaining 50 percent plus 1 share held by HPA, a special purpose company under the control of HMM. The company has
A third-party shareholder alliance seeking to acquire control of Hanjin Group announced on June 2 that the alliance’s two key members, Bando E&C and KCGI, an activist private equity fund, additionally purchased a 2.49 percent stake in Hanjin KAL, the holding company of Hanjin Group.Grace Holdings, a
The Ministry of Trade, Industry and Energy (MOTIE) announced on May 29 that it has arranged special passenger planes to ship export goods of Korean companies to Japan and Germany.A chartered plane left for Narita, Japan on May 29, followed by another one sent to Frankfurt, Germany on May 30. They we
Bando Construction bought 1,225,880 Hanjin KAL shares, 2.1 percent of the total, on May 26. The company, former Korean Air vice president Cho Hyun-ah and activist private equity fund KCGI called for Hanjin Group chairman Cho Won-tae to step down at the ordinary shareholder meeting of Hanjin KAL in M
Creditors of Korean Air will receive 300 billion worth of the company’s stocks from its parent Hanjin KAL as collateral for their liquidity support amounting to 1.2 trillion won.Hanjin KAL will inject 300 billion won into Korean Air to participate in the ailing airline’s 1 trillion won paid-in capit
Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM) are likely to become the second largest shareholder of Korean Air.The two state-run banks will hold a creditor meeting early next week to approve a plan to provide 1.2 trillion won in liquidity support to Korean Air.On May 24,
Korean Air came up with self-rescue measures against COVID-19. The measures, worth 2.2 trillion won in total, include ABS and perpetual bond issuance and a paid-in capital increase of approximately one trillion won. A total of 79.37 million shares will be newly issued at an issue price of 12,600 won
The South Korean government is planning to provide 1.2 trillion won for Korean Air on condition of profit sharing and experts point out that this can become a risk factor related to the airline’s control in the future. One-fourth of the financial support will be based on perpetual bonds subject to s
South Korea's Fair Trade Commission (FTC) has announced a new list of 64 large business groups subject to strict regulations.The commission designates conglomerates with assets exceeding five trillion won as large business groups every May in order to regulate their mutual equity investments and
The ratio of outside directors on the boards of the 137 listed affiliates of the top 30 business groups rose from 34.5 percent to 37.3 percent in four years after the introduction of the stewardship code, a survey has found out.Daishin Economic Research Institute recently looked into director appoin
Korean Air is promoting a capital increase of up to one trillion won to ride out its liquidity crisis ignited by the new coronavirus outbreak.Korean Air is in talks with large securities companies such as NH Investment & Securities and Korea Investment & Securities to increase capital.Currently, the
Korea Exchange announced on April 19 that the top 10 non-ETF picks of foreign investors in the South Korean stock market gained 49.39 percent on average from March 19 to April 17 while those of individual and institutional investors gained 32.69 percent and 43.64 percent on average, respectively.Dur
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com. -- Ed. Kyungbang has emerged as Hanjin Transportation Co.’s new major shareholder. Believing that the disposal process for non-operating assets and non-core businesses will accelerate, we expect the compan
Much attention is paid to how KCGI, which suffered a defeat at the recent shareholder meeting of Hanjin KAL, will respond to the maturities of stock loans scheduled for this year with borrowings constituting most of the fund KCGI used for additional Hanjin KAL share purchase. According to industry s
Annual salaries of chaebol tycoons and CEOs of Korean companies that posted a poor business performance have dropped significantly.Lotte Group chairman Shin Dong-bin topped the list of highest-paid chaebol tycoons by receiving a total of 18.81 billion won from Lotte affiliates such as Lotte Holdings
Financial companies such as main creditor banks are staying alert as the credit ratings of major corporations are falling in the wake of the spread of COVID-19. Examples of those corporations include Doosan Heavy Industries and Korean Air. The South Korean government is going to provide an emergency
Hanjin Group chairman Cho Won-tae has succeeded in extending his term as an executive director of Hanjin KAL, the group’s holding company.Cho was supported by 56.67 percent of the shareholders at the general shareholders' meeting held on March 27. He faced a challenge from a three-party alliance
The National Pension Service (NPS) is in support of the reappointment of Cho Won-tae, chairman of Hanjin Group, as an inside director of Hanjin KAL, the group’s holding company. As a result, the gap in voting rights between the pro-Cho Won-tae side and the opposing side represented by Cho Hyun-ah, t
The Seoul Central District Court rejected the injunction application of former Korean Air vice president Cho Hyun-ah, Bando Construction and KCGI on March 24. The three-party shareholder alliance filed for the injunction on March 3 so that Bando Construction can exercise voting rights on its 8.2 per
Former Korean Air vice president Cho Hyun-ah, activist fund KCGI and Bando Construction recently raised their Hanjin KAL shareholding from 37.63 percent to 40.12 percent. Specifically, it is divided into 6.49 percent, 18.69 percent and 14.95 percent, respectively. The three-way alliance increased th