Korea Development Bank (KDB) has started to approach potential buyers of its shareholding in container ship operator HMM.

State-backed KDB has a 20.69% shareholding in the South Korean liner giant. The government has been planning to significantly reduce its stake, which it acquired in 2016 when HMM ran into financial difficulties.

The government also holds a further 20% in the company through the Korea Ocean Business Corp (KOBC).