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[THE INVESTOR] Creditors of Kumho Tire are kicking off the disposal process of their stakes in the nation’s second-largest tire maker.
Credit Suisse, the key sales advisor, on Sept. 20 said the creditors will sell their respective shares through a competitive bidding process.
Sources said the final bidding process is expected to start in January next year after a preliminary bidding set for mid-November.
A combined 42.1 percent stake or 66.3 million shares owned by nine creditors -- since the tire maker was put under a debt workout program in 2009 -- will be up for sale. The company graduated from the program in late 2014.
Woori Bank and Korea Development Bank hold 14 percent and 13.5 percent stake, respectively.
Based on the company’s current stock price, the deal is valued at about 650 billion won (US$580.92 million) to 750 billion won. When management premiums are added, creditors expect the sale could fetch as high as 1 trillion won.
All eyes are on whether Kumho Asiana Group Chairman Park Sam-koo will exercise his right to purchase the combined stake for the proposed price. He has repeatedly vowed to take back control of the tire maker from creditors.
Global companies such as German tire maker Continental, French tire firm Michelin and Chinese state-owned chemical company ChemChina are also said to have keen interest in acquiring the stakes.
By Ahn Sung-mi (sahn@heraldcorp.com)
Credit Suisse, the key sales advisor, on Sept. 20 said the creditors will sell their respective shares through a competitive bidding process.
Sources said the final bidding process is expected to start in January next year after a preliminary bidding set for mid-November.
A combined 42.1 percent stake or 66.3 million shares owned by nine creditors -- since the tire maker was put under a debt workout program in 2009 -- will be up for sale. The company graduated from the program in late 2014.
Woori Bank and Korea Development Bank hold 14 percent and 13.5 percent stake, respectively.
Based on the company’s current stock price, the deal is valued at about 650 billion won (US$580.92 million) to 750 billion won. When management premiums are added, creditors expect the sale could fetch as high as 1 trillion won.
All eyes are on whether Kumho Asiana Group Chairman Park Sam-koo will exercise his right to purchase the combined stake for the proposed price. He has repeatedly vowed to take back control of the tire maker from creditors.
Global companies such as German tire maker Continental, French tire firm Michelin and Chinese state-owned chemical company ChemChina are also said to have keen interest in acquiring the stakes.
By Ahn Sung-mi (sahn@heraldcorp.com)
