December 17 - Further to the news posted yesterday, Pan Ocean has confirmed that a Harim Group-led consortium has been selected as its preferred bidder.

In a short statement disclosed today on the Singapore stock exchange, Pan Ocean confirmed that bidding has been closed with the selection of the consortium, which comprises poultry processor Harim and private equity fund JKL Partners, as its preferred buyer. HLPFI reported on the rumours yesterday, December 16.

Pan Ocean proceeded with a public bidding process pursuant to the "M&A regulations during reorganisation proceedings" provided by the bankruptcy division of the Seoul Central District Court.