Yonhap News AgencyFebruary 12, 2014 07:01
SEOUL, Feb.12 (Yonhap) -- Hyundai Merchant Marine Co., South Korea's No. 2 shipping company, said Wednesday it selected IMM Investment, a local private equity fund, as the preferred bidder to buy its LNG transportation division.
The shipper said it had received bid proposals from six interested buyers on Thursday.
The sell-off of the LNG transportation division, announced in December, is part of its parent company Hyundai Group's self-rescue plan to raise 3.3 trillion won (US$3.1 billion) to dispel its credit crunch.