KCC Glass to buy stake in Kumkang Leisure owned by KCC Chairman KCC Glass Chairman Chung Mong-ik to strengthen grip in Kumkang Leisure
Translated by Kim So-in 공개 2021-06-15 08:18:34
이 기사는 2021년 06월 15일 08:14 thebell 에 표출된 기사입니다.
KCC Glass will acquire an entire stake in Kumkang Leisure owned by KCC Chairman Chung Mong-jin, which is seen as a settlement of shareholdings between brothers.KCC Glass’ board of directors approved its acquisition of a 28.25% stake in Kumkang Leisure from Mong-jin for 62.8 billion won ($56 million) earlier this month, according to the regulatory filing Friday. KCC Glass will take over the stake on June 23.
The deal is seen as a settlement of shareholdings between Mong-jin and KCC Glass Chairman Chung Mong-ik instead of the business diversification. Founded in 1989, Kumkang Leisure operates a 27-hole private golf course located in Yeoju, Gyeonggi Province.
Mong-ik has served as the CEO of Kumkang Leisure since 2001. He is also the largest shareholder of the company with a 36.35% stake. Mong-ik has taken the lead in the golf course business rather than Mong-jin both in terms of ownership and management.
The latest deal has strengthened Mong-ik’s control in Kumkang Leisure. He is the largest shareholder of KCC Glass with a 20.66% stake as of the end of March. Mong-Ik has now secured more than half of Kumkang Leisure through KCC Glass.
Kumkang Leisure held cash and cash equivalents of 22.3 billion won at the end of last year. It generated 12.1 billion won in revenue and 3 billion won in operating profit, with an operating margin of 24.4% in 2020.
Mong-jin is likely to secure more than 60 billion won in cash after offloading its stake in Kumkang Leisure. He is expected to use the proceeds from the sale to pay inheritance tax. He received more than 350,000 shares of KCC from the late KCC Honorary Chairman Chung Sang-young, which are valued at more than 100 billion won. (Reporting by Ki-soo Park)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- M캐피탈, 투자금융자산 담보 3000억 대출 추진
- [닻오른 롯데손보 매각]롯데손보 매각 본격화, 조력자 '삼정KPMG·태평양' 낙점
- 부방 '테크로스환경서비스' 매각 시동, 주관사 삼정KPMG
- 자금 조달 나선 제이오, '레이크브릿지·신한-DS증권' FI 확보
- IS동서, 폐기물 처리업체 ‘코엔텍’ 우선매수권 행사하나
- [전환기 맞은 CJ올리브영]원톱 올라선 올리브영, 가맹 대신 직영 '공고히'
- [LG화학의 변신]변화 이끄는 신학철 부회장, 조력자들 면면은
- [그룹사 '시총 뉴노멀']분할·합병으로 성장한 SK그룹, 지형도 바꾼 하이닉스
- [Earning & Consensus]가이던스 웃돈 한화오션, 연간 '흑전'도 이룰까
- [신작으로 보는 게임사 터닝포인트]네오플, 다시 중국에서 현금 쓸어담을까