[Breaking] "San-eun to Convert HMM CB... Failure to Do So Constitutes Breach of Duty"

[Asia Economy Reporter Park Sun-mi] As the convertible bonds (CB) of HMM (formerly Hyundai Merchant Marine) held by KDB Industrial Bank are approaching maturity on the 30th, the conversion of the CB into shares is expected to take place soon.

Lee Dong-gul, Chairman of Industrial Bank, said at a press briefing on the 14th regarding the HMM CB worth 300 billion KRW held by the bank, "The conversion price is 5,000 KRW, but the current HMM stock price is around 46,000 KRW," adding, "Converting will obviously yield a profit." He added, "There is an opportunity to make a profit, and to forgo this would constitute breach of trust," emphasizing, "It is impossible not to convert."