IMM Investment has been selected as preferred bidder to take over LNG transport business, while the deal is expected to complete in the first half of 2014.
The LNG unit, which includes ten vessels, transports around 20% of the country’s annual LNG imports under long-term contracts with state-run Korea Gas.
The divestment of LNG transport business is part of parent Hyundai Group’s plan to raise support funds of around $3.10bn.
Hyundai Merchant Marine was quoted by Reuters as saying, "The sale… is our best option to restore market confidence, and we will concentrate our efforts to improve competitiveness in containers and bulk carriers going forward."
