The Korea Herald

Korean’s offshore financial assets soar to all-time high

[THE INVESTOR] The combined amount of overseas financial accounts held by South Korean nationals and companies hit the highest level this year, data from the country’s tax agency showed on Sept. 27. They had a total of 56.84 trillion won (US$50.81 billion) in their overseas accounts, surging from 11.48 trillion won in 2011, according to data from the National Tax Service.Hong Kong was the top offshore fund location for South Korea with an inflow of 6.32 trillion won, followed by China with 6.32

Sept. 27, 2016

Korean’s offshore financial assets soar to all-time high

[EQUITIES] AK Holdings to see most profitable quarter: analyst

[THE INVESTOR] AK Holdings is expected to post its largest quarterly profit in the July-September period result as its key subsidiary Jeju Air rebounds from its sluggish performance, a local securities firm said on Sept. 27. AK Holdings’ consolidated sales and operating profit are likely to beat market expectations by 13.4 percent and 8 percent to log 830.6 billion won (US$746.67 million) and 75.2 billion won, respectively, according to Kang Sun-ah, an analyst at KB Investment & Securities. Net

Sept. 27, 2016

Final bidding for Woori Bank to open on Nov. 11

[THE INVESTOR] The main bidding for the minority stake sale of South Korea’s state-owned Woori Bank will be held on Nov. 11, with 18 parties having submitted letters of intent for the country’s fourth-largest bank by assets last week. The final winners will be announced on Nov. 14.The Financial Services Commission and its Public Fund Management Committee which are in charge of Woori Bank’s privatization set the date for the final bidding during a meeting held on Sept. 26, according to sources. T

Sept. 26, 2016

Final bidding for Woori Bank to open on Nov. 11

K-Growth picks IBK Securities to run secondary fund

[THE INVESTOR] IBK Securities has been picked by a fund of funds management company Korea Growth Investment to manage a private equity secondary fund worth 120 billion won (US$108.25 million), the Korean brokerage house said on Sept. 26. K-Growth will commit 60 billion won for the fund and IBK Securities needs to raise 60 billion won from other institutional investors to launch it. The fund will be run for the next seven years with a 6 percent target rate of return. The secondary fund is designe

Sept. 26, 2016

FSS probes China Ocean Resources over stock price rigging

[THE INVESTOR] South Korea’s financial watchdog has launched an investigation into China Ocean Resources over the Hong Kong-based firm’s alleged unfair trade practices here, according to sources on Sept. 26. Financial Supervisory Service is currently reviewing data regarding the Seoul-listed deep sea fishing company’s false disclosure statement which led to a fine of 200 million won (US$176,000) and inclusion in blacklist of the country’s bourse operator Korea Exchange in July. People familiar w

Sept. 26, 2016

FSS probes China Ocean Resources over stock price rigging

KDB to kick off disposal of Daewoo E&C

[THE INVESTOR] State-run Korea Development Bank is close to kicking off its sale of controlling stake in Daewoo Engineering and Construction, according to sources on Sept. 26. KDB is currently negotiating with builders here and abroad to attract their interest in the disposal its 50.75 percent stake in the construction firm, which is worth some 1.3 trillion won (US$1.17 billion) based on its current share price. In 2011, a private equity fund held by KDB acquired Daewoo E&C’s stake at 18,000 won

Sept. 26, 2016

UNID, Stic Investment to submit joint bid for Tongyang Magic

[THE INVESTOR] Ahead of the final bidding for local home appliance vendor Tongyang Magic on Sept. 27, potential bidders are forming consortiums to have a better chance of winning the acquisition deal. While industry experts expect large conglomerates’ affiliates such as SK Networks, CJ O Shopping and Hyundai Department Store which have funds to finance the bid will take advantageous positions, private equity firms are moving to form consortiums to defeat them. Two potential bidders -- local chem

Sept. 26, 2016

UNID, Stic Investment to submit joint bid for Tongyang Magic

Woori Bank attracts over 10 preliminary bidders

[THE INVESTOR] The sale of state-owned Woori Bank has drawn offers from more than 10 preliminary bidders mainly from local financial firms, relieving the government that has been seeking to privatize the bank for the past seven years. Those who submitted letters by Sept. 23’s deadline included Hanwha Life Insurance, Korea Investment & Securities as well as private equity firms like IMM PE, H&Q Korea and Vogo Fund. To buy splinter stakes to become one of the oligopolistic stakeholders of the bank

Sept. 23, 2016

Woori Bank attracts over 10 preliminary bidders

KIS to bid for stake in Woori Bank

[THE INVESTOR] Korea Investment & Securities expressed its intention to bid a stake in state-owned Woori Bank, the brokerage firm’s parent Korea Investment Holdings said in a regulatory filing on Sept. 23. KIS submitted its letter of intent to participate in bidding round to acquire 4 to 8 percent stake in the bank, which the government seeks to privatize again after several failed attempts. The company expects that it will benefit from Woori Bank’s high divided return and improvement in profit

Sept. 23, 2016

Institutional investors seek opportunities in private debt funds

[THE INVESTOR] South Korea’s large investors are targeting loans for global merger and acquisition deals for stable returns. Korean institutional investors including Korean Teachers’ Credit Union and Government Employees Pension Service have committed a total of 870 billion won (US$788.47 million) for private debt funds this year. Private debt fund refers to a fund that is raised from a small group of institutions and wealthy individuals and then invested into companies that pursue M&A deals by

Sept. 23, 2016

C-JeS Entertainment seeks IPO

[THE INVESTOR] Talent agency C-JeS Entertainment seeks to float its shares in Seoul’s stock market next year, according to sources on Sept. 23. The agency, which houses popular K-pop boy band JYJ and actress Hwang Jung-eum, has hired Hyundai Securities to handle the planned initial public offering. The firm’s entire stake is owned by Back Chang-ju, the CEO of C-JeS Entertainment who established it in 2009. Among unlisted entertainment agencies in South Korea, C-JeS posted the largest revenue las

Sept. 23, 2016

[EQUITIES] POSCO’s Q3 operating profit may surge by 40%: analyst

[THE INVESTOR] POSCO’s third quarterly earnings is expected to beat market estimates for the second consecutive quarter due to rising steel prices, a local securities firm said on Sept. 23. The consolidated operating profit of POSCO is likely to increase 40 percent to 915.8 billion won (US$829 million) on-year in the July-September period, according to HMC Investment Securities. “The improvement was driven by steel price hikes in domestic and Chinese markets during the third quarter,” said Park

Sept. 23, 2016

[EQUITIES] POSCO’s Q3 operating profit may surge by 40%: analyst

Hanwha Asset seeks to establish PFM in China

[THE INVESTOR] Hanwha Asset Management, South Korea’s wealth manager, will set up its wholly owned private fund management in China in a bid to beef up its overseas alternative business, the company said on Sept. 22. The board of Hanwha Asset Management approved its plan to invest US$10 million to establish Hanwha Investment Management in Tianjin. The company will apply to secure a license to establish a wholly foreign-owned enterprise from the Chinese government by end-September. Hanwha is one

Sept. 22, 2016

KDB to provide Hanjin Shipping W50b loan

[THE INVESTOR] The state-run Korea Development Bank will loan 50 billion won (US$45.40 million) to cash-strapped Hanjin Shipping to help it unload cargo overseas, according to the lender on Sept. 22.The KDB, main creditor of the ailing shipper, will offer the emergency fund by having accounts receivable asset of the country’s No. 1 shipping line as a collateral for the senior secured loans, it said. It will be used to resolve unpaid cargo unloading fees.The bank will offer the financial aid onl

Sept. 22, 2016

KDB to provide Hanjin Shipping W50b loan

Korea, Taiwan to cross-list ETFs

[THE INVESTOR] Korea Exchange, South Korea’s stock bourse operator, said on Sept. 22 that it will begin listing and trading exchange-traded funds starting in October. Korea Exchange will list ETF tracking the country’s KOSPI 200 Index on Taiwan Stock Exchange while ETFs that track the Taiwan Stock Exchange Capitalization Weighted Stock Index will be available on Seoul’s stock market from next month.This is a follow-up measure after the two Asian stock markets signed a tentative deal to cooperate

Sept. 22, 2016

Articles by 박한나