KAMCO Becomes White Knight for Shipping
Acquiring ships from financially troubled shipping companies will remain one of the mainstay jobs handled by South Korean finance house Korea Asset Management Corporation (KAMCO) next year, reports Korea Times.
The company has bought 33.3 billion won worth of assets from two SMEs in the January-October period and plans to acquire assets valued at 40 billion won from two to three SMEs by December, a move to give relief to financially troubled companies, KAMCO Chairman Hong said in a press conference on Dec. 1.
After consulting with the Financial Services Commission (FSC), KAMCO has earmarked 100 billion won in its budget this year for acquisition of properties or other assets held by debt-laden SMEs in order to help them stay afloat, the state company said.
Last month, The ship financing unit of KAMCO has introduced a new USD85.7 million ship financing scheme.
KAMCO Ship Investment Management Corporation, in collaboration with Bank of Tokyo unit BOT Leasing and Finance, Standard Chartered Bank, Shinhan Bank, Woori Bank, and four shipping companies, including Sammok Shipping, Wooyang Shipping, and GNS Shipping, established the fund.