SM Group Mulls More Takeovers
South Korea's Samra Midas Group (SM Group) said that
it is looking to acquire some overseas shippers, among other
businesses in an effort to expand its foothold in the maritime
sector, Yonhap News Agency cited one of the company's
SM Chairman Woo told Oh-heun to "get the reputation of Hanjin
Shipping back" and was ready to "take over both foreign shipping
companies and expand into foreign markets."
SM Group, which was picked as the preferred bidder for STX Corp.,
a general trading company, last week, also purchased the
now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other
assets for 37 billion won (US$32 million) late last year.
SM Group plans to pour 130 billion won ($115 million) into STX.
In 2013, SM Group also acquired Korea Line Corp., the country's
No. 2 bulk carrier. Korea Line currently operates some 30
vessels, hauling goods, such as iron, ore, crude oil and cars,
and its financial status drastically improved after being taken
over by SM Group.
SM Group also has bought other companies, including TK Chemical
and Namsun Aluminum.
One of its shipping affiliates, SM Line Corp., said earlier that
it would begin its services on nine routes to Thailand, Vietnam,
Japan and other regions with a fleet of 12 container ships.
The company said it aims to log 3 trillion won in sales within
Mar 20, 2017