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GS Engineering & Construction may sell InterContinental Hotel and some of its other assets in an attempt to procure investment funds, the company publicly announced Monday in response to speculations and an inquiry from the Korea Exchange.
Nothing has been officially decided yet, the company added.
GS E&C suffered huge operating losses last year, up to 937.3 billion won ($639.4 million).
With cashable assets of 1.8 trillion won and taking into account the 500 billion won worth of corporate bonds that will mature this year, GS E&C claims it will be able to avoid major financial difficulties.
However, the company stated that it is seeking additional liquidity to secure enough working capital amid forecasts that the housing market will begin to recover this year. For this, GS E&C may plan to issue new stocks and sell its shares in Parnas Hotel Co., its affiliate, according to the company.
GS E&C currently has a 68 percent stake in Parnas, worth at least 600 billion won.
(jhk@heraldcorp.com)
Nothing has been officially decided yet, the company added.
GS E&C suffered huge operating losses last year, up to 937.3 billion won ($639.4 million).
With cashable assets of 1.8 trillion won and taking into account the 500 billion won worth of corporate bonds that will mature this year, GS E&C claims it will be able to avoid major financial difficulties.
However, the company stated that it is seeking additional liquidity to secure enough working capital amid forecasts that the housing market will begin to recover this year. For this, GS E&C may plan to issue new stocks and sell its shares in Parnas Hotel Co., its affiliate, according to the company.
GS E&C currently has a 68 percent stake in Parnas, worth at least 600 billion won.
(jhk@heraldcorp.com)
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Articles by Korea Herald
