Details of the planned takeover of part of SPP Shipbuilding have been revealed. Speaking with Korean newswire Yonhap, Woo Oe-Hyun, chairman of Samra Midas Group (SM Group) said his firm has bid for just one of the three yards controlled by SPP. SM Group is the sole bidder for SPP. It is willing to pay up to $410m to take over SPP’s Sacheon shipyard and rebrand it as SM Shipbuilding.
SM Group is best known in the construction sector, although in 2013 it bought financially struggling Korea Line Corp.
What will happen to SPP’s two other yards in Tongyeong and Goseong remains unclear. SPP, which built up a niche in product tankers, has been in debt workout for the past five and a half years.