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Hyundai Merchant Marine considering bulk shipping business sale: paper

[SEOUL] Hyundai Merchant Marine (HMM) Co Ltd is considering the sale of its bulk shipping business to private equity firm Hahn & Company for about 600 billion won (S$713.3 million), a South Korean newspaper reported on Thursday.

Hahn & Company will pay about 100 billion won in cash to HMM and take on about 500 billion won worth of debt, the Korea Economic Daily reported citing unnamed investment banking sources.

A HMM spokesman said it was considering various measures concerning its bulk shipping business, including a possible sale to help pay its debts. A Hahn & Company official could not be immediately reached.