Hyundai Merchant Marine to buy Spanish terminal for 117.6 bln won
SEOUL-- Hyundai Merchant Marine Co. (HMM) said Thursday that it will purchase a port terminal in Spain for 117.6 billion won (US$104.1 million).
South Korea's largest shipping company said in a regulatory filing that it will buy a 100 percent stake in the special-purpose company that controls the Total Terminal International Algeciras (TTIA) in the southern tip of the European country.
It said the money to be used to make the purchase is equal to 12 percent of the company's net worth as of late 2016 and 2.7 percent of its total assets.
HMM was tapped as the preferred bidder for the port facility in November 2016 with the formal contract to be signed next Monday.
It said the purchase is aimed at enhancing the market competitiveness of the shipping company and expanding its operational base in the region.
A source said that at present HMM is solely taking control of the TTIA, but it can become a joint project down the line depending on various developments.
Source: Yonhap News Agency