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Biz News Korea(Eng)

Korea’s Golden Bridge Investment to be sold to local IT firm at $39 mn

Collected: 2018.02.21

Distributed: 2018.02.22

Source: Go Direct

South Korea’s Golden Bridge Investment & Securities Co. has signed a contract to sell a 41.84 percent stake held by its largest shareholder Golden Bridge Co. to local IT company Texcell - Netcom Co. for 42 billion won ($39 million), the small securities company announced in a disclosure on Tuesday.

It will issue 52,400,000 new shares to its soon-to-be largest shareholder Texcell - Netcom and its specially interested parties J One Wide, Gongpyung Savings Bank and Sejong Mutual Savings Bank for 1,145 won per share.

Texcell - Netcom is a local network solutions provider that went public on the nation’s secondary Kosdaq market in 2000.

Shares of Golden Bridge Investment & Securities rose 29.94 percent to finish at 2,235 won on Tuesday. Those of Kosdaq-listed Texcell - Netcom fell 3.33 percent to 30,450 won. Those of Kosdaq-listed Texcell - Netcom fell 3.49 percent to 30,400 won.

Golden Bridge has been seeking a buyer of Golden Bridge Investment & Securities since 2014 to improve its financial health. The securities firm with 65 billion won in equity capital as of 2016 recorded 63.8 billion won in sales and 4.3 billion won in net loss. The securities firm expects that with the increased capital following the sale, it would be able to focus more on its core brokerage business.

By Chung Woo-sung and Choi Mira

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