South Korean conglomerate Samra Midas (SM) Group, parent company of SM Line, is resolutely holding on to its shares in compatriot peer HMM, despite the group’s construction business’ financial struggles.
Despite suggestions that the chaebol should sell off its HMM shares, now valued at around US$630 million, chairman Woo Oh-hyun is reportedly optimistic that the boom in container shipping could help subsidise the losses of the construction business.
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