State bank becomes HMM's largest shareholder

Korea Development Bank has agreed to converte Hyundai Merchant Marine's debt into share capital. The bank thus becomes the major shareholder in the crisis-stricked South Korean carrier.

Photo: Hyundai Merchant Marine

South Korean state-owned bank Korea Development Bank (KDB) will become majority shareholder in Hyundai Merchant Marine (HMM).

Korea Joongang Daily reports that the bank has agreed to convert the company's debt to share capital in an attempt to rescue the struggling carrier.

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