Creditors mull stake sale in Kumho Tire Lenders including KDB are considering divesting half of their 23% stake in tire maker
Translated by Ryu Ho-joung 공개 2021-06-09 07:57:27
이 기사는 2021년 06월 09일 07:54 thebell 에 표출된 기사입니다.
Creditors including the state-controlled Korea Development Bank (KDB) have entered into discussions to sell their 23% holdings in Kumho Tire, after more than a decade since the tire maker’s debt restructuring in 2010.The company’s creditors have agreed to divest part of their stake in the second half of this year, industry sources said. The talks are in early stages with no specific timeline for the sale process yet.
Nine lenders, which include KDB, Woori Bank, Kookmin Bank, the Export-Import Bank of Korea and others, together own 23.11% of Kumho Tire, after the company went through restructuring via a debt-to-equity swap in 2010.
China’s Double Star acquired a majority stake in the then ailing company in 2018. Under the agreement, the lenders are allowed to sell half of their shares after this month and the rest a year later. This was to minimize the impact of their stake sale on the company’s stock price.
“We are in discussions to sell our holdings in Kumho Tire as the company’s shares have trended higher in recent months and its operations have also improved,” said a representative of the creditors.
They are expected to sell half of their holdings in Kumho Tire in the coming months through a block deal with institutional investors. Kumho Petrochemical had been mentioned as a potential buyer, but the petrochemical company is understood not to be interested in acquiring a minority stake in the tire maker.
Some expect Double Star to purchase the creditors’ shares. But others are skeptical about this given the Chinese company’s tight liquidity position. They also point out that Double Star, which already controls the company with a 45% stake, does not have a reason to buy additional shares from the creditors.
The lenders are likely to sound out interest from financial investors such as private equity firms, industry watchers said. Kumho Tire’s stock traded at around 6,600 won ($5.92) per share on Tuesday. The stake is expected to be sold lower than the market price as the sale price is usually discounted in a block trade.
An official at KDB said that nothing has been decided yet. (Reporting by Seul-bong Go)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- [Red & Blue]'외인 매도행렬' 대보마그네틱, 반등 '언제쯤'
- 온코닉테라퓨틱스 이사회, 오너 빼고 사외이사 늘리고
- KT, 콘텐츠 제작에 AI 활용 '수요예측→흥행' 조력 기대
- 케어랩스 '메디잡' 3주 연속 구글플레이 트렌드 지수 1위
- [ICTK road to IPO]자금사용 계획에 ‘매출 초과달성’ 자신감 표출
- [K-바이오 클러스터 기행|대전]현실에서 쌓은 노하우, 집단지성의 믿음 '대전 CFO모임'
- 핑거랩스, 엑스클루시브 플랫폼 '비긴즈유스' 공개
- 초록뱀미디어, 웹3.0 'BTS화양연화' 기반 창작 드라마 사전판매 호조
- 종근당, 케이캡 공백에도 1분기 매출 '선방'
- 보로노이, 또 '기술반환' 반전 키는 'VRN07'