In an effort to expand its foothold in the maritime sector, South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses, Yonhap News Agency cited one of the company’s officials.
Woo Oh-heun, chairman of SM Group, was cited as saying that the company intends to “regain the fame” once held by South Korea’s former shipping giant Hanjin Shipping, as well as acquire foreign shipping firms and expand into overseas markets.
Over the past few years, the company took over a number of troubled firms as it widened its presence in the South Korean shipping industry.
SM Group reportedly informed that it plans to commit some KRW 3 trillion for sales procedures over a period of five years.
Only last week, SM Group was chosen as the preferred bidder for compatriot STX Corporation. The company now has three months to revert on whether the two parties agreed on the details of the sale as creditors, including Korea Development Bank and Nonghyup Bank, intend to negotiate with SM Group about the sale of STX Corporation.
The company’s other ventures into the maritime market included last year’s purchase of Hanjin Shipping’s Asia-US route. After taking over the route, SM Group established SM Line, a new unit which started its first service on March 8.
World Maritime News Staff