HMM, South Korea’s largest LNG shipping firm, will join a bid to acquire a 100 percent stake in Hyundai LNG Shipping after selling the LNG carrier operator to a local private equity firm nearly 10 years prior.

According to industry sources on Friday, HMM delivered its intent to participate in the takeover bid to IMM Private Equity and IMM Investment, which together own a 100 percent stake in Hyundai LNG Shipping.

Hyundai LNG Shipping is the largest LNG carrier operator in the country, operating a fleet of 16 LNG carriers and six LPG carriers. It was part of the LNG shipping unit of HMM before the unit was sold to IMM at some 500 billion won ($375 million) to resolve liquidity issues in 2014.

Since the investment companies began the tender process to sell Hyundai LNG Shipping in March this year, some 20 companies have made bids. Of them, four potential buyers from the United States, the United Kingdom, Greece and Denmark have been shortlisted by IMM.

The Federation of Korea Maritime Industries, the members of which consist of 54 organizations related to shipping, ports and logistics, recently expressed concern about the potential sale of Hyundai LNG Shipping to a foreign company, saying it could threaten domestic energy security.

Hyundai LNG Shipping signed long-term transportation contracts with Malaysian state-run energy company Petronas and Spanish energy firm Repsol in 2021. Last year, it logged consolidated sales of 398.1 billion won and earnings before interest, taxes, depreciation and amortization of 48.5 billion won.