[THE INVESTOR] MBK Partners revealed Aug. 17 that it is conducting separate negotiations with multiple bidders for the Korean unit of ING Life Insurance. MBK Partners also refuted rumors that Chinese bidders had pulled out, saying it is now in talks with a larger number of bidders than had been reported in the media. The process of selling the insurer, which was initially expected to be concluded soon, is expected to take up to two months longer. Earlier in the week, speculation had risen that t

Aug. 17, 2016

[THE INVESTOR] South Korea's electric roaster-maker Zaigle will use funds raised from its initial public offering scheduled for Sept. 6 to expand into new markets, the company’s CEO said Aug. 17.Speaking at a press conference, Zaigle CEO Lee Jin-hee said that the company is hoping for a “second jump” following the IPO. At the IPO, 5.6 million shares are to be sold, and the company is hoping to raise between 112 billion won (US$101 million) and 128.8 billion won. The company said that the funds r

Aug. 17, 2016

[THE INVESTOR] Samsung Group companies took both the top and bottom spot among KOSPI-listed companies in terms of operating profit for the first half, industry data showed on Aug. 17.According to Korea Exchange’s analysis of 514 companies’ consolidated first-half earnings report, Samsung Electronics posted the highest operating profit in the first half, while Samsung SDI posted the largest operating deficit. The data showed that Samsung Electronics’ consolidated operating profit for the first si

Aug. 17, 2016

[THE INVESTOR] Mobile games developer Com2uS posted first-half operating profit of 106.6 billion won (US$96.3 million) to become the highest earner among KOSDAQ-listed firms, Korea Exchange data showed on Aug. 17. The company’s figure for the first half of the year is an increase of 43 percent from the same period last year. Com2uS was followed by Celltrion with 100.7 billion won and CJ O Shopping with 68.7 billion won. In terms of on-year increase in first-half operating profit, the milk produc

Aug. 17, 2016

[THE INVESTOR] The unions of Hyundai Heavy Industries Group’s three shipbuilders announced on Aug. 17 they will go on an all-out strike until the companies withdraw their restructuring plans. Burdened by growing debt and a global industrywide slowdown, Hyundai Heavy’s shipbuilders have been rolling out restructuring measures that include voluntary redundancy programs. “We declare an all-out coalition strike, which is the unions’ last weapon,” the leaders of the unions of the three companies -- H

Aug. 17, 2016

[THE INVESTOR] The second quarter operating profits of major South Korean brokerages were halved from a year ago, industry data showed Aug. 17. According to financial industry information provider FnGuide, the combined second quarter operating profit of the country’s 10 largest securities companies fell 49.2 percent from a year ago to 538.8 billion won (US$489.2 million).  The Korean Wallstreet YeoidoThe drop is thought to have been caused by the effects of the UK’s decision to leave the Europea

Aug. 17, 2016

[THE INVESTOR] Samsung Heavy Industries has no immediate plans to push for a merger with Samsung Engineering, Samsung Heavy CEO Park Dae-young said on Aug. 17.With the Special Act on Corporate Revitalization taking effect on Aug. 13, speculation rose that the two Samsung Group companies would push to merge. The two companies had attempted to merge in 2014, but the plans were called off on opposition from shareholders. However, Park rejected the speculation, saying a merger is not in the company’

Aug. 17, 2016

[THE INVESTOR] Foreign investors bought more shares of cosmetics-maker AmorePacific than any other South Korean stock, data showed Aug. 16. According to Korea Exchange, foreign investors have bought 951.6 billion won (US$867.2 million) in AmorePacific shares so far this year, making it the most purchased KOSPI-listed stock for foreign investors. With foreign investors buying more AmorePacific shares this year, foreign investors’ holdings in the company stood at 35 percent as of Aug. 12. Foreign

Aug. 17, 2016

[THE INVESTOR] The Special Act of Corporate Revitalization which took effect on Aug. 13 is raising hopes of the country’s mergers and acquisitions market receiving a much needed boost. Aug. 16, the first working day since the act took effect, saw four companies, including Hanwha Chemical, apply for review for eligibility. The Yeouido financial district in western SeoulIn addition, industry sources say that some of the country’s largest conglomerates, including Hyundai Motor Group and Samsung Gro

Aug. 16, 2016

[THE INVESTOR] Hanwha Chemical applied for review under the new Special Act of Corporate Revitalization on Aug. 16. The government will review Hanwha Chemical’s application and make its decision within 60 days.Hanwha Chemical, one of four companies that applied for review in relation to the new act on Aug. 16, plans to sell its caustic soda and chlorine production facility in Ulsan to UNID, a local chemicals manufacturer. Under the act, eligible companies are able to restructure their business p

Aug. 16, 2016

[THE INVESTOR] Woori Bank announced on Aug. 16 that a 70 billion won (US$64 million) fund will be established to invest in companies with high technological capacities. The fund will invest in companies scoring in the top five grades for technological capabilities, as recognized by credit rating service providers.Woori Bank and Korea Growth Investment Corp. will each raise 15 billion won, with the rest to be raised from institutional investors and other organizations. By Choi He-suk (cheesuk@her

Aug. 16, 2016

[THE INVESTOR] Delays in the final bidding for the Korean unit of ING Life Insurance are fueling speculations the sale may through, or that MBK Partners will scrap the sale. According to finance industry sources, Morgan Stanley, which is overseeing the sale, had originally planned to receive bids until Aug. 12. However, with a number of candidates experiencing delays, bids are to be accepted until the end of the week.  ING Life Korea internet homepageMBK Partners, which is selling its stake in I

Aug. 16, 2016

[THE INVESTOR] Finding a new majority shareholder for HI Investment and Securities continues at a sluggish pace, despite earlier hopes. Those overseeing the sale have been sending out information for potential buyers since mid-July, but have received no positive responses. Hyundai Heavy Industries plans to sell 85.3 percent stake in HI Investment within the year as part of plans to streamline its operations. However, market watchers had forecast difficulties due to the disparity between its mark

Aug. 16, 2016

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering is speeding up sales of nonessential subsidiaries, recently naming law and accounting firms to oversee related processes.The move is part of the company’s revival plans under which 14 subsidiaries will be sold, as well as its production capacity being cut by about 30 percent. According to reports, DSME recently selected accounting firm EY Han Young to oversee the sale of its Chinese subsidiary DSME Shandong. The ailing shipbuilder also ch

Aug. 16, 2016

[THE INVESTOR] Mirae Asset Group is rapidly expanding its portfolio of alternative investments, amid concerns the company could be exposing itself to greater risks. According to the Korea Financial Investment Association, Mirae Asset Group currently holds more than 8.82 trillion won (US$8.02 billion) in alternative investments. The figure is more than 6 trillion won higher than that recorded at the end of 2007. The KFIA’s definition of alternative investments includes real estate, social overhea

Aug. 16, 2016