IMM Private Equity’s plan to acquire Kolmar Korea’s contract-based pharmaceutical business assets for 512.52 billion won ($427.24 million) has been postponed indefinitely, filings showed Monday. In a renewed disclosure, the prearranged deadline for IMM’s all-cash deal to buy the assets owned by Kolmar Korea Holdings’ stake by July 31 was scrapped on Friday, without setting a fresh due date. This comes two months after Korea’s third-largest private equity fund ink

Market July 13, 2020

The prime office market in Seoul has recently showed signs of normalization, as uncertainties due to the economic impact of the coronavirus outbreak have been on the wane in key business districts, data showed Sunday. Demand from the information technology industry remained healthy, allowing major prime buildings to sign leases with large tenants, according to an estimate from real estate service firm Colliers International. In Gangnam, one of the larger business districts of the city, financ

Market July 12, 2020

Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de

Market July 10, 2020

South Korea’s National Pension Service has bagged more domestic chemical stocks over the course of three months, filings showed Thursday. The world’s third-largest public pension fund increased its exposure to chemical stocks dedicated to second-life electric vehicle batteries -- such as LG Chem, Posco Chemical and Korea Petrochemical Ind. -- from April until Tuesday, according to respective disclosures. LG Chem has been vying to be the world’s top passenger vehicle cell s

Market July 9, 2020

Debt-ridden Doosan Group’s holding firm said Wednesday it has signed a memorandum of understanding with local private equity firm SkyLake Investment to sell a majority stake in its battery foil maker unit. “Doosan Corp. has signed an MOU with SkyLake Investment with regards to the sale of Doosan Solus,” the construction-to-energy conglomerate said in a filing. “The company will immediately disclose the details of the stake transaction once the terms are finalized.”

Market July 8, 2020

A series of listings of Korean real estate investment trusts -- including ones that involve investments in foreign properties -- are adding vigor to the upbeat initial public offering scene in the local stock market. This comes as investment houses here are moving to attract stable cash streams by luring investors to their own vehicles used to buy properties at home and abroad. In the latest move, JR Asset Management on Wednesday released a prospectus for its REIT ahead of the flotation plan

Market July 8, 2020

South Korea’s cash-strapped flag carrier Korean Air Lines said Tuesday it plans to sell its inflight meal catering and duty-free units to local private equity firm Hahn & Co. “As for the divestment of inflight catering services and duty-free operations, Korean Air has given Hahn & Co. the exclusive rights to negotiate,” it said in a disclosure after a board meeting at 4 p.m. “Korean Air will continue to discuss the details about the transaction with Hahn &

Market July 7, 2020

In his first public letter in 10 years, South Korea’s value investment guru Chen Kang in March urged fund investors to remain unperturbed by the coronavirus uncertainties and search for where purchasing power would flock to in the post-coronavirus era. The investor with over 30 years of experience in stock investing added this was a way of targeting value creation even in trying times. “Investors should keep an eye on how daily life evolves, because that’s where the future of

Market July 5, 2020

Gen2 Partners, a Hong Kong-based hedge fund, has notified South Korean financial institutions of a fund freeze regardless of the deadlines for fund redemption, according to news reports Sunday. This comes as its flagship fund using a leveraged scheme suffered losses due to the coronavirus outbreak, facing a liquidity crunch. The Korean entities dedicated to pooling investor money for Gen2 Partners’ multistrategy funds include brokerage houses Shinhan Investment, Kiwoom Securities and S

Market July 5, 2020

The Financial Services Commission, South Korea‘s top financial regulator, said Thursday it would carry out an all-out inspection of all privately-pooled investment schemes in a preemptive measure to protect financial consumers from exposure to unanticipated risks. The target of the scrutiny will be 10,304 pooled funds and 233 investment houses dedicated to privately pooled funds as of the end of May. The total inspection is scheduled to be completed by September, while investment firms w

Market July 2, 2020

South Korea’s financial watchdog Financial Supervisory Service on Wednesday urged 10 financial institutions to fully compensate for investors’ losses, holding them accountable for their inadvertent decision to draw investments in the disgraced Lime Asset Management’s trade finance fund. In an unprecedented move, financial institutions -- including seven banks and three brokerage houses -- will be forced to reimburse a total of 161.1 billion won ($133.8 million) in principal of

Market July 1, 2020

Korean private equity firm JC Partners has become a preferred bidder to buy a controlling stake in KDB Life Insurance, in policy lender Korea Development Bank’s move to exit from a troubled financial institution that has strived to turn around amid restructuring. JC Partners was the sole participant in the open bidding process to sell KDB Life Insurance, whose 92.73 percent stake is jointly controlled by KDB and investment house Consus Private Equity, according to KDB on Wednesday. The bi

Market July 1, 2020

Amid the lingering business uncertainties from continued COVID-19 crisis, bond investors would be able to avert risks of companies’ default in case they have invested in secured high-yield bonds, a top Barings Asset Management official said on Tuesday. “(Secured bonds) are on top of the capital structure and tend to recover better,” said David Mihalick, head of US public fixed income at Barings, in a teleconference. “Secured bonds are attractive because of the extent th

Market June 30, 2020

South Korea’s National Pension Service said Tuesday it has selected five private equity firms as external partners to invest a combined 800 billion won ($665.28 million) in private equities. According to the world’s third-largest public pension fund, it will commit 160 billion won each to Glenwood Private Equity, Macquarie Asset Management Korea, SkyLake Investment, IMM Investment and JKL Partners. The firms will be responsible for managing funds with a 10-year maturity. Investmen

Market June 30, 2020

South Korea’s largest institutional investor National Pension Service said Monday it has inked a partnership with Germany-based Allianz to co-invest in core real estate assets worth $2.3 billion across the Asia-Pacific region as part of its alternative investment strategy. The 50:50 fund will target properties in countries such as China, Japan, Australia and Singapore, betting on core opportunities in landmark office buildings, logistics facilities and residential complexes -- or assets c

Market June 29, 2020