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Biz News Korea(Eng)

Korea’s Lock & Lock sold to Hong Kong PEF at $561.6 mn

Collected: 2017.08.26

Distributed: 2017.08.29

Source: Go Direct

Kim Joon-il

Two individual major shareholders of Lock & Lock Co., South Korea’s leading food container maker, sold their entire 63.56 percent stake in the firm to Hong Kong-based private equity firm Affinity Equity Partners at 633.2 billion won ($561.6 million).

Lock & Lock in a regulatory filing on Friday announced that its major shareholders Kim Joon-il and Kim Chang-ho signed an agreement with Affinity Equity Partners to sell their entire stake in the food container maker.

Kim Joon-il, chairman of Lock & Lock, owns 29,035,919 shares or 52.79 percent stake and Kim Chang-ho 5,925,348 shares or 10.77 percent. Two shareholders agreed to sell their stakes at 522.6 billion won and 106.6 billion won, respectively.

The contract was inked on Friday and the formal announcement on change of major shareholders will be made once the transaction becomes finalized, said the company.

Kim is expected to take part in the management by reinvesting in the company.

Shares of Lock & Lock closed Friday at 12,950 won, unchanged from the previous session.

By Kang Doo-soon

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