Hyundai Merchant Marine sheds Asset to Cut Debt

South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday.

Hyundai Merchant Marine will sell its entire 22.4 percent stake in the stock brokerage to the special purpose company, HMM said in a separate regulatory filing earlier on Friday.

The sale is part of parent Hyundai Group's attempts to sell assets to cut debt, first announced in 2013.

Reporting by Joyce Lee