At a recent press event, Harim Group chairman Kim Hong-kuk disclosed a potential interest in making another bid for HMM if the South Korean flagship carrier is put up for sale once more. Previously, Harim, in collaboration with JKL Partners, was selected as the preferred bidder for HMM but failed to finalize the deal due to disagreements with HMM's major shareholders, including the Korea Development Bank and Korea Ocean Business Corporation. The concerns were partly due to Harim's relatively smaller financial scale. Additionally, opposition from HMM's employee unions played a role in the sale's breakdown. HMM, which was saved from financial ruin in 2016 through a debt-for-equity swap, remains under state control.
Kim's remarks came shortly after South Korea's Minister of Oceans and Fisheries, Kang Do-hyung, indicated ongoing efforts to privatize HMM. Despite the government's intentions, Kim expressed doubts about the sincerity of the Ministry of Oceans and Fisheries in finding a private-sector owner for HMM. He highlighted the lack of intent to sell during the previous attempt from the Korea Ocean Business Corporation. Kim's stance reflects a cautious approach towards the potential sale, emphasizing the need for genuine intent from all parties involved.
Source: Container News