Greater China

HK firm buys stake in Hyundai Merchant Marine

Hong Kong: A Hong Kong investment firm, Market Vantage, which Korean newswire Yonhap says is linked to an international ports firm, thought to be part Hutchison Port Holdings, part of the Li Ka-shing empire, has bought $112m of new shares in Korea’s ailing second largest shipping line, Hyundai Merchant Marine (HMM). Market Vantage already controlled a 1.73% stake in HMM.
"The arrival of fresh funds is noteworthy because it does not involve asset sales and the money will come in the form of investment that can reduce debt levels and improve overall financial health," HMM said in a press release.  [17/06/14]

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