HMM and PSA raising stakes in Busan terminal

Korea's Hyundai Merchant Marine (HMM) and Singapore’s PSA International are building their ownership to 100% in a Busan terminal.

The two companies are to buy shares from IMM Investment, raising their stakes to 50% each, South Korea’s Ministry of Oceans and Fisheries said.

A deal will be signed on Tuesday for the joint operation of the terminal.

HMM previously had 10% and PSA 40%.