IMM acquired 100% ownership of Hyundai LNG Shipping after repurchasing a 20.77% stake held by Daishin Private Equity for 173.3 billion won at the end of 2024, Pulse News reported Monday.
Daishin PE, which invested 150 billion won in 2022 through redeemable convertible preferred shares, exited with an average internal rate of return of around 10% over three years. With this buyout, IMM's stake rose from 79.23% to full ownership, the report said.
IMM bought Hyundai LNG Shipping from South Korean shipping firm HMM (KRX:011200) in 2014 for 1.03 trillion won, including 500 billion won in liabilities. However, a 2022 resale attempt to HMM fell through after HMM's 300 billion won offer fell well below IMM's 700-800 billion won asking price, it said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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