Frontier Resources (Sinar Mas Group) to acquire 100% of Aegis One (Hyundai LNG Shipping) for KRW 400bn

SI Energy & Materials LNG/LPG shipping

Deal value: $276m
Stake: 100%
Implied 100%: $276m
Revenue: $318m
Op. income: $70m
Multiples: EQV/EBIT 4.0xPSR 0.9x

DART 20250331002483

Target: Aegis One (Hyundai LNG Shipping) · LNG/LPG shipping
Buyer: Frontier Resources (Sinar Mas Group) · SI
Seller: IMM Private Equity / IMM Investment consortium
Structure: —
Announced: Nov 26, 2025
Closed: —
Stage: Signed

Target

Hyundai LNG Shipping (held via SPC Aegis One) originated as Hyundai Merchant Marine's LNG carrier division and is Korea's largest liquefied-gas carrier operator, running about 20 vessels (12 LNG, 6 LPG) and transporting imported LNG for KOGAS under long-term contracts; KOGAS's share fell from 100% at the 2014 buyout to about 20% in 2025.

Deal rationale

The IMM PE/IMM Investment consortium bought the company in 2014 for about KRW 500bn excluding debt and attempted sales in 2020 and 2023 that failed over valuation gaps and energy-security concerns; on 26 November 2025 it signed an SPA to sell 100% of Aegis One to Sinar Mas affiliate Frontier Resources. The sellers said global LNG projects such as Alaska LNG and improved earnings had re-rated the company's value; the buyer said it expected synergies with Sinar Mas's Asia/Australia logistics and resources network in LNG projects and Singapore LNG bunkering. The deal was reported at about KRW 3.8tn including KRW 3.4tn of debt, with equity consideration of about KRW 400bn.

PE 회수(펀드 만기)해외 진출

Revenue	$318m
Operating income	$70m
EBITDA	—
Net income	—

2024 연결 · DART-verified · 20250331002483

Press coverage

헤럴드경제 (2025-11-26): “3조8000억원(부채 3조4000억원 포함) 가량에 이번 인수를 진행한 것으로 알려졌다.”
한국경제 (2026-07-12): “시나르마스에 지분 100%를 약 4000억원에 매각하는 계약을 맺었다.”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.