On the news that the management rights of HYUNDAI HYMS are up for sale, shares rose in early trading on the 10th.
As of 9:16 a.m. on that day, HYUNDAI HYMS was trading at 15,490 won, up 970 won (6.68%) compared to the previous trading day.
According to investment banking (IB) sources, J&PE, the private equity fund (PEF) manager and largest shareholder of HYUNDAI HYMS, plans to start the management rights sale process at the beginning of next month. (☞[Exclusive] J&PE to begin sale of HYUNDAI HYMS management rights next month... Expecting up to 700 billion won)
The sale target is the 53.06% equity in HYUNDAI HYMS held by J&PE through the special purpose company (SPC) Hercules Holdings.
J&PE's equity in HYUNDAI HYMS has been subject to a lock-up period for a year after listing, but as the lock-up period expires at the end of this month, based on the listing date (Jan. 26, 2024), it will be able to sell all of its shares.
Earlier, J&PE acquired a 75% equity stake in HYUNDAI HYMS from HD Hyundai Heavy Industries in 2019 for 100 billion won. Last year, after listing on the KOSDAQ market, it sold 3,483,000 shares out of 22.2 million shares held, reducing its stake to 53.06%.
With the forecast that the domestic shipbuilding industry will benefit from the inauguration of the second term of the U.S. Donald Trump administration, analysts suggest that J&PE will add a significant premium to the management rights sale. The market expects the sales price of HYUNDAI HYMS's management rights to rise to a maximum of 600 billion to 700 billion won.