Hyundai Merchant Marine Co. Ltd. (KOSE:A011200) is in the process of selling its controlling stake in Hyundai Securities Co., Ltd. (KOSE:A003450). Hyundai Merchant is receiving letters of intent from potential buyers.

The Korea Stock Exchange inquired that whether Hyundai Merchant is selling Hyundai Securities and Hyundai Merchant confirmed it. Further, Hyundai Merchant Marine said that as of now nothing is finalized and it will disclose information related to selloff like selection of preferred bidders when it is available.