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Biz News Korea(Eng)
Daesung Industrial winds up restructuring
- Collected
- 2018.03.03
- Distributed
- 2018.03.05
- Source
- Go Direct
Daesung Industrial announced on Thursday that it sold 3.9 million shares of DS Power out of its total 7.19 million share holdings at 66 billion won ($61 million). It spent 41 billion won in repaying debts and the rest in buying back 3 million shares of DS Power from KEPCO Engineering & Construction Co. under a put option deal.
DS Power, founded in 2013 as an operator of a combined cycle power plant in Osan, Gyeonggi Province, has a power generation capacity of 474 megawatt as of 2016. It recorded 14.6 billion won in operating profit on sales of 344.1 billion won last year. Daesung Industrial’s stake in DS Power has been lowered from 29 percent to 25.37 percent, but it will still participate in management, the company said.
Daesung Industrial that runs 37 gas stations and 21 LPG charging stations across the nation embarked on the pain-staking restructuring process in June 2014 as its financial health deteriorated due to aggressive business expansion. It has sold its assets including its office building in central Seoul, Sheraton Seoul D-cube City Hotel, stake in Daesung Industrial Gases, D-cube Department Store and stake in Daesung Celtic to repay debts. Daesung Group has focused on improving financial health of Daesung Industrial by selling the group’s core business unit Daesung Industrial Gases early 2017.
Shares of Daesung Industrial ended Friday up 3.34 percent at 5,260 won.
By Moon Ji-woong and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]