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Hyundai MM, its affiliate to co-acquire Spain-based terminal
Tuesday, October 17, 2017, 17:40:44 Paul Yoon ckyoon7@paran.com
Hyundai MM has decided that the shipping line and its affiliate to be established would jointly acquire a Spain-based terminal. Hyundai MM said on Oct. 13 that though it initially has planned to independently secure 100% equity in TTIA (Total Terminal International Algeciras), it would set up HT Algeciras Co., Ltd. as a subsidiary to jointly acquire the terminal in Spain.

Hyundai MM has already inked a formal agreement dated last May 11 with major stakeholders of TTIA to acquire for 11.76b won 100% equities in TTIA held by Algeciras Terminal Investment, an SPC (special purpose corp.).

HT Algeciras is an SPC 100% invested by Hyundai MM, and is set to acquire TTIA equities 50%+ 1 stock while Hyundai MM securing TTIA equities 50%+- 1 stock.

Hyundai MM has decided that it will increase its capital increase by issuing 589,000 new stocks valued for 100,000 won per stock in order to secure 58.9b won required for HT Algeciras to acquire TTIA equities, and that it would provide a total of 58.9b won to HT Algeciras.
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