HYUNDAI SELLS KOREAN TERMINALS TO HUTCHISON
Hyundai Merchant Marine has sold three container terminals in South Korea to Hong Kong-based Hutchison Port Holdings for $215 million to pay off debts.
The terminals are located in the ports of Busan (Gammam and Jasungdae terminals) and in Kwangyang.
The purchase will substantially increase the port activities of the Hutchison group in Korea.
Hyundai’s container terminals in the U.S. were not included in the sale to Hutchison.
Following the sale of its Korean terminals, Hyundai Merchant Marine said that it has now secured 520 billion won ($396 million) in proceeds from the sale of office buildings, of shares in its group affiliate Hyundai Heavey Industry and of container terminals.
Hyundai Merchant Marine is seeking to reduce its long-term liabilities, which totaled $2.9 billion at the end of 2000.
“This terminal sale has significant meaning in that it signals the completion of our efforts to stabilize the company,” a spokesman for Hyundai Merchant Marine said.