This article was posted on the ChosunBiz MoneyMove (MM) site at 10:56 a.m. on Sept. 12, 2025.
Indonesian conglomerate Sinar Mas is pursuing the acquisition of Hyundai LNG Shipping. Sinar Mas, founded in 1938, is one of Indonesia's major corporations and has a history of acquiring domestic companies such as toilet paper maker Monalisa and semiconductor equipment maker Hosan Tech.
According to investment banking (IB) industry sources on the 12th, Sinar Mas has been confirmed to have begun funding efforts to acquire a controlling stake in Hyundai LNG Shipping. However, it is still in the early stages and does not have exclusive negotiating rights.
Hyundai LNG Shipping is a shipping company whose entire stake is owned by a consortium of domestic private equity (PEF) firm IMM Private Equity and IMM Investment. It was acquired from HMM in 2014 for 1.03 trillion won. Of that, the equity investment amount excluding liability was about 400 billion won.
Two years ago the IMM consortium tried to resell Hyundai LNG Shipping to HMM, but the deal fell through because of differences in views on corporate value. The consortium is said to want to recognize and sell at an equity value of 400 billion to 500 billion won.
Since then the IMM consortium has extended the contract period with lead manager Citi Global Market Securities and switched to a continuous sale system.
Sinar Mas Group has as affiliates Asia Pulp & Paper (APP), one of the world's largest pulp and paper companies; real estate developer Sinar Mas Land; Sinar Mas Bank; Golden Agri-Resources, the world's second-largest palm oil company; and telecommunications company Smartfren.
Last year Sinar Mas, through APP, acquired Monalisa's parent company MSS Holdings for 400 billion won. In July this year it acquired domestic semiconductor equipment firm Hosan Tech for about 200 billion won. KB Securities advised the buyer for both deals.
If Sinar Mas acquires Hyundai LNG Shipping, the group is expected to strengthen its shipping sector. Sinar Mas currently has shipping subsidiaries to handle logistics for its affiliates, including Sinar Mas LDA Maritime and Golden Agri Maritime.