The Korea Herald

Cosmo Chem to sell real estate worth W46b

[DISCLOSURE] Cosmo Chemical (005420) announced on Aug. 29 that it will sell a building and land worth 46.09 billion won (US$41.08 million) in Seoul to KAMCO to promote efficiency of asset management and secure liquidity. This amounts to 7.31 percent of its 2015 equity capital and the due date for the transfer is Aug. 30. (theinvestor@heraldcorp.com)

Aug. 29, 2016

Daesung Industrial partners with SOLIDPower to enter fuel cell business

[THE INVESTOR] Daesung Industrial announced on Aug. 29 that its affiliate Daesung Heat Pump and Italian fuel cell company SOLIdPower will jointly develop next generation solid oxide fuel cell systems.They have partnered to develop the 10 kilowatt SOFC system for sale in South Korea where it is yet to be applied more broadly. Established in 2006, SOLIDPower is a global leader in SOFC and for its debut in South Korea, the Italian company chose Daesung, known for its heat exchanging technology and

Aug. 29, 2016

Asiana gives up MRO business in Cheongju

[THE INVESTOR] Asiana Airlines announced on Aug. 29 that it has decided not to pursue maintenance, repair and overhaul business, a joint effort with North Chungcheong Province, due to lack of feasibility.The South Korean airliner had signed a memorandum of understanding with Cheongju City government and low-cost carriers Jeju Air and Air Busan in March 2015 to invest in an MRO facility at Cheongju Airport. The city and the province were looking at eligible sites while Chungbuk Free Economic Zone

Aug. 29, 2016

Busan’s northern port to expand to attract bigger cruise ships

[THE INVESTOR] The Ministry of Oceans and Fisheries announced on Aug. 29 it will spend 41.4 billion won (US$36.90 million) to expand the Busan North Port to accommodate larger international cruise ships by August 2018. It will enlarge the cruise dock of the northern harbor of Busan, widening it to 45 meters from 30 meters and extend the length to 440 meters from 360 meters so that a 220,000 gross tonnage cruise ship can dock. Busan Port currently has two exclusive docks for cruise ships and the

Aug. 29, 2016

Hanwha Advanced Material snubbed at CSP bid

[THE INVESTOR] Hanwha Chemical announced on Aug. 29 that its subsidiary Hanwha Advanced Materials has failed in its bid to acquire Continental Structural Plastics, a US-based automotive materials manufacturer that supplies to General Motors, Ford and Chrysler. The preferred bidder will be announced in the next few days. By Hwang You-mee (glamazon@heraldcorp.com)

Aug. 29, 2016

Eastar Jet leads LCCs with 8 regular routes to China

[THE INVESTOR] Eastar Jet launched a service between Jejudo and China’s Jinjiang on Aug. 29, increasing the number of its regular flights to China to eight, the largest number for a budget carrier. The South Korean low-cost carrier is continuing its lead in operations to China. Currently it operates non-scheduled flights from Yangyang, Gangwon Province, to 16 cities in China. It was the first to offer non-scheduled direct flights to Linyi, in June, and Dandong, in October 2015. Eastar Jet also j

Aug. 29, 2016

Eastar Jet leads LCCs with 8 regular routes to China

OEM apparel makers stand on their own rights

[THE INVESTOR] Global Sae-A, the holding company of apparel maker Sae-A, is launching a golfwear range next year, according to media reports on Aug. 29. Based on the fabric sourcing knowhow compiled by its affiliate Sae-A, a leading OEM/ODM apparel maker that has catered to international clients since 1986, the company is seeking to establish a brand of its own with a sales target of 50 billion won (US$44.50 million) to be reached in two years.Hansae, another marker leader whose clients include

Aug. 29, 2016

OEM apparel makers stand on their own rights

KEPCO acquires US solar power plant

[THE INVESTOR] ] Korea Eletric Power Corp. has acquired a US power plant for US$34 million from private equity firm Carlyle Group, it announced on Aug. 28.The South Korean public enterprise has signed an agreement with Carlyle’s subsidiary Cogentrix Energy Power Management to take over the entire stake of Alamosa Solar Generating Plant in Colorado on Aug. 26.The deal was financed by a corporate partnership fund created with homegrown pension and funds including National Pension Service.Establish

Aug. 29, 2016

Modacom to issue CB worth W10b

[DISCLOSURE] Modacom (149940) announced on Aug. 26 that it will issue convertible bonds worth 10 billion won (US$8.97 million) and offer to Sejong, Gongpyeong and Hyundai Savings Banks and Sinbad Investment. The conversion price is 11,740 won and the conversion period is between Aug. 29, 2017 and July 29, 2019.By Yun Jeong-hyeon (clareyun@heraldcorp.com)

Aug. 26, 2016

MBK’s ING sales on hold amid political tension

[THE INVESTOR] MBK Partners’ US$3 billion scheme to sell off ING Life Korea has been stifled, as Chinese bidders are currently unable to proceed with a deal, according to a Bloomberg report on Aug. 26.The new outlet reported that Chinese bidders including JD Capital and China Taiping Insurance Holdings are awaiting the nod of approval from their government as Beijing is considering suspending some acquisitions in South Korea to pressure the government not to deploy the Terminal High Altitude Are

Aug. 26, 2016

MBK’s ING sales on hold amid political tension

DS Hi-Metal subsidiary to be merged with DS UMT

[DISCLOSURE] DS Hi-Metal (077360) announced on Aug. 26 that its subsidiary DS UMT will be acquired by their affiliate DS Techopia to improve management efficiency. The ratio for the merger between the two firms is 1:0.67. The merger date is Oct. 31. By Yun Jeong-hyeon (clareyun@heraldcorp.com)

Aug. 26, 2016

US cosmetics developer Englewood Lab to go public in Korea

[THE INVESTOR] Englewood Lab, a US cosmetics developer and manufacturer, is seeking to be listed on South Korea’s secondary KOSDAQ bourse, and has turned in an application, it announced Aug. 26. The company is expecting to go public in mid-October, offering 3.5 million shares at a price band range between 6,000 won (US$5.40) and 7,000 won. The lead financial adviser is Hana Financial Investment. Established in 2004 in Englewood, New Jersey, by CEO David Chung, the skin care company supplies anti

Aug. 26, 2016

Samsung Life's Samsung Engineering stake down to 0.04%

[DISCLOSURE] Samsung Engineering (028050) announced on Aug. 26 that its affiliate Samsung Life Insurance (032830) has sold 41,635 shares between July 29 and Aug. 24, decreasing its stake to 0.04 percent. (theinvestor@heraldcorp.com)

Aug. 26, 2016

Science ministry unveils defense SW cluster in Daejeon

[THE INVESTOR] The Ministry of Science, ICT and Future Planning unveiled the Software Convergence Cluster Daedeok Center at Daejeon Information and Culture Industry Promotion Agency on Aug. 26.The center will strengthen research and development of software for national defense, such as unmanned robot and surveillance patrols, based on the strategically located center’s infrastructure that connects related academies, government bodies, businesses and the military. By Hwang You-mee (glamazon@heral

Aug. 26, 2016

S. Korea, Russia to strengthen cooperation, develop Far East

[THE INVESTOR] South Korea and Russia bolstered ties Aug. 25, agreeing to work together to develop infrastructure in Russia’s far east and push forward with a free trade deal, Seoul’s Ministry of Strategy and Finance said. The agreements were reached at a South Korea-Russia joint committee meeting on the economy, science and technology held in Seoul. At the meeting, South Korea’s Deputy Prime Minister Yoo Il-ho, who also serves as finance minister, and his Russian counterpart Yuri Trutnev shared

Aug. 26, 2016

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