Hanjin white knight can be any firm – Lopez
Credit to Author: TYRONE JASPER C. PIAD| Date: Fri, 22 Feb 2019 16:29:28 +0000
Any company — local or foreign — can take over bankrupt Hanjin Heavy Industries and Construction Co. Philippines, a Cabinet official said amid concerns that the sale of the Subic-based shipbuilder could compromise national security.
“Hindi, kahit sino naman (No, anyone can),” Trade Secretary Ramon Lopez said when asked if the government preferred that a Filipino firm would buy Hanjin.
“But regardless sino yan (whoever it is), maganda nga kung (it would be better if) foreign din because it shows confidence in our economy,” he added.
The Chamber of Commerce of the Philippine Islands last week warned against a foreign takeover, with the organization’s president Jose Luis
Yulo saying that “shipbuilding is a national interest and a national security issue given that we are an islands nation.”
Yulo also said that he welcomed the interest of tycoon Enrique Razon, who leads listed port International Container Terminal Services, in Hanjin.
Hanjin, which filed for corporate rehabilitation in January, reportedly owes P412 million to five major Philippine banks in addition to $900-million obligation to creditors in South Korea.
The Trade department has said that it would help Hanjin acquire funding by attracting investors. After news of Hanjin’s bankruptcy broke, Lopez said two Chinese firms had expressed interest.
Defense Secretary Delfin Lorenzana also said that shipbuilders from the United States, Japan, Indonesia, Australia and Turkey had expressed interest to take over Hanjin.
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