Input 2020.12.22 17:57 | Revision 2020.12.22 18:23
Hanjin Heavy Industries & Construction announced on the 22nd that “the largest shareholder, the Korea Development Bank, and the shareholders’ council composed of domestic creditor financial institutions, have selected the’Dongbu Construction Consortium’ as the preferred negotiator for the sale of shares.” In addition, the shareholders’ council announced that the SM Merchant Marine Consortium was selected as a target for preliminary negotiations.
The target of sale is Hanjin Heavy Industries’ common stock (63.44%) owned by creditors such as Korea Development Bank, and 1.66 million,4044 shares (20.01) of shares owned by Philippine financial institutions such as Rizal Bank, which owns Tag Along (Tag along). %All.
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Dongbu E&C has emphasized that it can create synergy with Hanjin Heavy Industries’ construction sector. Hanjin Heavy Industries & Construction currently owns assets with high market value, such as the Yuldo site in Incheon, the Dong Seoul Terminal, and the Yeongdo Shipyard site. In particular, the Yeongdo Shipyard site with a scale of 280,000 m2 (approximately 80,000 pyeong) is near the site of the first and second phases of the Busan North Port redevelopment project, which is evaluated as having great real estate development value.
However, it is a variable that claims that the shipbuilding sector should be maintained in Busan, including the Hanjin Heavy Industries union, continues. If the use of the site at the Yeongdo Shipyard is changed, 1,100 employees in the shipbuilding division of Hanjin Heavy Industries and about 100 partners can go bankrupt. Although the Dongbu Construction Consortium has not officially announced whether or not to maintain the shipbuilding industry, experts predict that Hanjin Heavy Industries’ shipbuilding division will in fact go in the order of closure due to the fact that Dongbu Construction has not been engaged in the shipbuilding industry.
Hanjin Heavy Industries’ union made a statement on the day and said, “It is expected that capital, which has no intention of maintaining the shipbuilding industry and has no choice but to judge it as speculative capital, will be the target of the priority negotiation only because it raised the bid price the most. It is not who pays a lot of money, but who will contribute to Hanjin Heavy Industries, the regional economy, and the Korean midsize shipbuilding industry.”
It is in the same context that Byun Seong-wan, acting mayor of Busan, announced a proposal last month that he would jointly respond with the local community for the survival of the local shipbuilding industry. In particular, the Busan mayor’s by-election in April of next year is held together, so it is evaluated that there are not a lot of mountains to be overcome until the conclusion of the main contract in the future.
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