Cash-strapped Hyundai Merchant Marine (HMM) will sell its stake in brokerage firm Hyundai Securities to KB Financial Group, allowing the shipowner to raise a hefty KRW1.25trn ($1.09bn).

KB Financial announced that it will acquire a 22.56% stake in Hyundai Securities from HMM and other shareholders.

Hyundai Securities has been up for sale as its parent Hyundai Group is making efforts to ease cashflow shortage at the group’s key affiliates such as HMM.

The transaction is expected to be completed within the second quarter of this year.

Apart from the latest sale of its brokerage business, HMM has also sold its LNG carrier business, and is in the midst of selling its dry bulk fleet, a container terminal and tanker shipping business, leaving it to focus only on the container shipping business.