HMM sells stake in Algeciras container terminal to CMA CGM
KOREA's Hyundai Merchant Marine (HMM) it has signed a deal to sell a 50 per cent minus one share stake in an Algeciras container terminal to French shipping giant CMA CGM for KRW58
KOREA's Hyundai Merchant Marine (HMM) it has signed a deal to sell a 50 per cent minus one share stake in an Algeciras container terminal to French shipping giant CMA CGM for KRW58.9 billion (US$49.5 million), reports the Yonhap news agency.
HMM said it will set up a joint venture with CMA CGM for their joint operation of Total Terminal International Algeciras (TTIA).
Despite the deal, HMM said it still maintains its position as the largest shareholder of the container terminal through HT Algeciras, a special purpose company wholly controlled by HMM.
The deal, which is subject to regulatory approval in Spain, is expected to be completed in the fourth quarter of this year, according to HMM.
The terminal, located in the south of Spain at a strategic point in the Strait of Gibraltar, has an annual handling capacity of 1.6 million TEU.
In 2017, HMM acquired a 100 per cent stake in TTIA from now-defunct South Korean shipping giant Hanjin Shipping for KRW115 billion.