Lee Dong-gul, chairman of the Korea Development Bank, said the bank would convertconvertible bonds (CB) of HMM.
The sale of the stake will be discussed with the government to decide when and how.
In an online briefing held on the 14th, Chairman Lee said, “Converting HMM convertible bonds into stocks is a profit, but giving up a profit opportunity is a breach of trust. "I can't switch," he said.
The Korea Development Bank holds 300 billion won worth of convertible bonds of HMM, which are due on the 30th of this month.
The conversion price is 5,000 won, which can convert up to 60 million shares. As of this day, HMM's stock price was 46,250 won, resulting in an unrealized profit of about 2.4 trillion won.
Reporter Lee Ji-sun stockmk2020@gmail.com
