HMM sells treasury stock to Hutchison Whampoa Ltd.

On June 9, Hyundai Merchant Marine ("HMM") announced that the company has signed an agreement with Hutchison Whampoa Ltd. ("HWL") to sell treasury stock, 12% of the shares of HMM at a consideration of approximately KRW 89.8 billion.
Commenting on the purchase, HWL Group Managing Director Mr. Canning Fok said Hutchison Whampoa is pleased to become a strategic investor in HMM, with which it has enjoyed a business relationship dating back to 1993.
Mr Fok said, "We believe this strategic investment will further build on the synergies and links between two companies that have worked closely together for more than a decade."
HMM President and Chief Executive Officer Mr Jeong-ik Noh said HWL's investment would strengthen HMM's competitiveness.
"With the deepening of our alliance with a leading international ports and logistics operator, HMM will be able to position itself as a world-class shipping company. This new strategic partnership with HWL will drive an even closer and more co-operative relationship between the two companies and will bring about opportunities for further development for both," added Mr. Noh.
HWL's business relationship with HMM began in 1993 when the shipping company first called at the Group's port terminals.
In 2001, HWL acquired from HMM the Jaseongdae terminal in Busan and led a consortium with HMM and Hanjin Shipping to operate a terminal in Kwangyang. HWL is currently running the Busan and Kwangyang ports through its port division, Hutchison Port Holdings