Kim Jae-cheol, Honorary Chairman of Dongwon Group, Announces Intention to Acquire HMM
Honorary Chairman Kim Jae-cheol of Dongwon Group publicly revealed his ambition to acquire HMM, the largest shipping company in Korea. Expressing his aspirations during a press conference after receiving an Honorary Doctor of Engineering degree from Hanyang University, the respected Chairman proclaimed, “If we succeed in acquiring HMM, my lifelong dream will finally be realized.” Confident in Dongwon Group’s expertise in maritime operations, he affirmed, “As a company that has thrived on the sea, we are well-equipped to effectively manage HMM.”
Honorary Chairman Kim added, “I eagerly await the evaluation process conducted by an impartial third party.”
Dongwon Industries, the holding company of Dongwon Group, has emerged as a strong contender in the race to acquire HMM. Engaging in a three-way battle with Harim, the JK Partners consortium, and LX International, Dongwon Industries seeks to secure the renowned shipping company. Key players involved in the acquisition, including KDB Korea Development Bank and Korea Ocean Business Corporation, aim to finalize the sale of HMM within this year, commencing the main application process following thorough due diligence over the next two months.
With the Korea Development Bank and Korea Ocean Business Corporation planning to sell 398,790,156 shares of HMM common stock, the anticipated value of the sale is estimated to surpass 6 trillion won, considering the closing price of HMM stock on the 19th, which stood at 16,620 won.
Born in Gangjin, Jeollanam-do in 1935, Honorary Chairman Kim has an illustrious background. Graduating from Gangjin Agricultural High School and Busan National Fisheries University (now Pukyong National University), he founded Dongwon Industries in 1969, with an initial capital of 10 million won. Having steered Dongwon Industries into a conglomerate group involved in fisheries, food, packaging, and logistics, Honorary Chairman Kim relinquished his role as Chairman in 2019 after 50 years of dedicated leadership. Presently, Vice Chairman Kim Nam-jung, the second son of Honorary Chairman Kim, leads Dongwon Group, while Chairman Kim Nam-gu oversees Korea Investment & Finance Holdings.
Reporter: Park Hye-rin
[비즈니스포스트] Kim Jae-cheol, honorary chairman of Dongwon Group, publicly announced his intention to acquire HMM.
Honorary Chairman Kim met with reporters after the awarding ceremony of Hanyang University’s Honorary Doctor of Engineering degree on the 19th and said, “If we succeed in acquiring HMM, my last dream will come true.” He added, “Dongwon Group, a company that has built its entire life on the sea, better than anyone else (HMM) “I believe we can manage it well,” he said.
Jae-cheol Kim “Acquiring HMM is the fulfillment of my last dream” height=”150″ src=”width=”300″ /> ▲ Jae-cheol Kim, honorary chairman of Dongwon Group, publicly announced his intention to acquire HMM. He’ r photo shows Honorary Chairman Kim giving a thank-you speech at the awarding ceremony of an honorary doctorate degree in engineering held at the Paiknam Academic Information Center at Hanyang University in Seongdong-gu, Seoul on the 19th. <연합뉴스>
Honorary Chairman Kim added, “I am looking forward to the evaluation as it is being done by a third party.”
Dongwon Industries, the holding company of Dongwon Group, has entered the race to acquire HMM, the largest shipping company in Korea, and is engaged in a three-way battle with Harim, the JK Partners consortium, and LX International.
KDB Korea Development Bank and Korea Ocean Business Corporation have planned to complete the sale of HMM within this year. The main application will be conducted after due diligence over the next two months.
The Korea Development Bank and Korea Ocean Business Corporation announced that they will sell 398,790,156 shares of HMM common stock. Considering that the HMM stock price from the closing price on the 19th is 16,620 won, the amount of the sale is expected to be at least 6 trillion won.
Honorary Chairman Kim was born in Gangjin, Jeollanam-do in 1935. After graduating from Gangjin Agricultural High School and Busan National Fisheries University (now Pukyong National University), he founded Dongwon Industries in 1969 with an earned capital of 10 million.
Honorary Chairman Kim stepped down as chairman in 2019 after growing Dongwon Industries into a conglomerate group involved in four major businesses, including fisheries, food, packaging, and logistics, for the first time in 50 years.
Currently, Dongwon Group is led by Vice Chairman Kim Nam-jung, the second son of Honorary Chairman Kim. The eldest son, Chairman Kim Nam-gu, runs Korea Investment & Finance Holdings. Reporter Park Hye-rin
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