South Korea conditionally approves Hyundai LNG Shipping sale to Sinar Mas

The overseas sale of Hyundai LNG Shipping, delayed amid a national energy security debate, is expected to go through. The Ministry of Trade, Industry and Energy has completed the final hurdle—the foreign investment security review—and approved the sale with national security conditions attached, according to officials.

With that, the seller, the IMM Private Equity (PE)·IMM Investment consortium, and the buyer, Indonesia’s Sinar Mas Group, will move ahead with the remaining steps aiming to close by the end of this month. The deal is on track to wrap up about one year after they signed a stock purchase agreement (SPA) in November last year.

According to the investment banking industry and relevant ministries on the 10th, the Ministry of Trade and Industry (MOTI) finished the foreign investment security review on Nov. 6 for the overseas sale of Hyundai LNG Shipping and notified the parties of a conditional approval. The conditions reportedly include certain compliance requirements related to national security. The parties aim to complete the remaining payment and transfer the stake on the 23rd. However, the closing date could change depending on discussions between the seller and the buyer.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →