HMM cuts state’s shareholdings after buyback

South Korean flagship shipping line HMM has repurchased 81.8 million shares, reducing the ownership stakes of its two largest shareholders Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC) ahead of an expected public sale.

Korea Exchange filings state that between 17 and 19 September, HMM paid KRW 26,200 (US$18) per share, or a premium of 19% over the previous session’s closing price, to acquire the stock at a total cost of KRW 2.14 trillion (US$1.5 billion).