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Biz News Korea(Eng)
Hanil Cement completes buyout of Hyundai Cement to rank No.1 in Korea
- Collected
- 2017.07.19
- Distributed
- 2017.07.26
- Source
- Go Direct
The consortium of Hanil Cement and LK Investment Partners delivered full 622.1 billion ($552.2 million) payment for a controlling stake of 84.56 percent stake or 14.17 million shares of Hyundai Cement from 32 creditors, including Korea Development Bank and Hana Financial Investment Co. The two companies formed HLK Holdings, a special purpose company, to acquire the shares.
The buyout makes Hanil the country’s leading cement company with domestic shipment of 11.17 million tons, overtaking Ssangyong Cement Industrial Co. of 9.91 million tons.
Hyundai Cement held a shareholders’ meeting Tuesday, approving the Hanil Cement Vice-Chairman Huh Gi-ho and LK Investment Partners Chief Executive Officer Kang Sung-boo as new board members.
Hyundai Cement, which started off as a cement division within Hyundai Construction & Engineering Co. in 1958, broke off from its parent company in 1969. It currently runs two factories producing 5.5 million tons of cement annually. It boasts more recently upgraded factories among Korea’s seven cement companies.
Hyundai Cement will graduate from a seven-year debt workout program by the end of next month.
Shares of Hanil Cement closed Tuesday down 0.83 percent at 119,000 won. Hyundai Cement shares finished 28,000 won, down 3,800 won or 11.95 percent from the previous session.
By Ahn Gab-seong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]