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Published: 12 May 2017      

HMM to purchase TTIA

Hyundai Merchant Marine Co has said that it will purchase Total Terminals International Algeciras for W117.6B (US$104.1M)

According to Yonhap News Agency in Seoul, HMM stated in a regulatory filing that it will buy a 100% stake in Algeciras Terminal Investment, the special-purpose company that controls Total Terminal International Algeciras (TTIA).

It said the money to be used to make the purchase is equal to 12% of the company's net worth as of late 2016 and 2.7% of its total assets.

HMM was tapped as the preferred bidder for the port facility last year. However, it needs to be remembered that, in a bid to reduce debts, in March 2014 Hanjin sold a 75% stake in TTIA to Korean banks IBK and KIP for W180B, which was already a "knock down price," and now the whole business, including the bankrupt Hanjin's remaining stake is going for even less.

The formal contract is scheduled to be signed on 15th May and HMM will then assume responsibility for the TTIA concession, which runs until 2040.

A source said that at present HMM is taking sole control of TTIA, but it can become a "joint project down the line, depending on various developments."


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