A consortium led by IMM Private Equity Inc. and IMM Investment Corp. has gained full ownership of Hyundai LNG Shipping, a South Korean operator of liquefied natural gas (LNG) tankers.
According to Korea Economic Daily (KED), the group, which initially bought the company in 2014 for 1.5 trillion won ($1 billion) from HMM Co. (formerly Hyundai Merchant Marine), recently increased its stake from 79.23% to 100%. This development came after Hyundai LNG Shipping retired 2.63 million redeemable convertible preference shares (RCPS), equivalent to a 20.77% ownership stake.
The buyback, valued at 173.3 billion won, included shares held by Daishin Private Equity and other investors. These RCPS were originally issued during a 150 billion won fundraising round in 2022 that helped refinance acquisition debt from the initial purchase.
With full ownership now secured, speculation is growing that the IMM consortium may be preparing for a renewed sale of the company, KED reports.
