Korea Development Bank (KDB) is moving forward with plans to privatise South Korean shipping giant HMM.
The Seoul-headquartered bank is reported to have confirmed plans to convert HMM convertible bonds worth KRW 300bn ($263.7m) into stocks.
This will give the KDB a 24.99% stake in the company.
It will carry out a comprehensive review the details over the sale of HMM with relevant authorities, KDB chairman Lee Dong-gull told The Korea Times.
