Five Philippines lenders are seeking to sell out of South Korea's Hanjin Heavy Industries & Construction to recoup losses on the group's failed Subic Bay yard.
RCBC head of strategic initiatives, John Thomas Deveras, told reporters that it has a 20% stake in Hanjin after $149m of its exposure was converted into equity.
“So when the shares of the Philippine banks are unlocked by December, hopefully the share price goes up and then we’re able to sell at a gain so that we’re able to recover the $149m,” Business World cited him as saying.
Hanjin's Subic Bay yard, Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), filed for court rehabilitation in January.
Creditors then took over Hanjin Heavy in South Korea.
The five banks - RCBC, BDO Unibank, Metropolitan Bank & Trust, Land Bank of the Philippines and Bank of the Philippine Islands - are owed $412m by the group.
"About $263m of that exposure is tied to the Subic shipyard. So we’re in the process now of evaluating interest to buy the Subic shipyard from the banks,” said Deveras.
"We’re waiting for an offer from a consortium."
Overseas shipbuilding companies have expressed interest in the site.
And Philippines port operator ICTSI has been in talks to develop a port there, but believes shipbuilding is dead at the plant.
