Korea Line named as new owner of SPP Shipbuilding

South Korean shipyard to resume marketing activities as banks promise to issue refund guarantees for new contracts

21 January 2016 18:00 GMT Updated 21 January 2016 18:00 GMT

By Irene Ang Singapore

Korea Line Corp (KLC) — the shipping arm of South Korean industrial group Samla Midas (SM) — is to become the new owner of SPP Shipbuilding in a merger-and-acquisition (M&A) deal, according to informed sources.

“KLC and another subsidiary unit of SM will be the new owners of SPP Shipbuilding, with the former holding the major stakes,” said one well-placed source.