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Biz News Korea(Eng)
Seven bidders compete for Hyundai Asset Management
- Collected
- 2017.04.25
- Distributed
- 2017.04.26
- Source
- Go Direct
Samjong KPMG, leading the sale of entire stake owned by KB securities, said Monday it has received bids from seven contenders in the main auction for Hyundai Asset Management and will select a preferred negotiator this week.
Hyundai Asset Management ranked 30th in the Korean asset management market, overseeing assets of 7.6 trillion won ($6.72 billion) as of the end of December. Of the asset, 2 trillion won is allocated to alternative investments like real estate. The company’s book value was estimated at 25.5 billion won at the end of last year, but may sell at 50 billion won given the competition, according to market analysts.
Mirae Asset Global Investments with 90 trillion assets under management joined the bid betting on the smaller one’s specified real estate investment business. Kiwoom Securities whose asset management business ranks seventh in the local market would rise to fifth place if it successfully buys Hyundai Asset Management. Daishin Securities is expected to strengthen its asset management unit following the acquisition.
KB Financial Group put Hyundai Asset Management for sale because its operation of KB Asset Management makes the affiliate redundant. KB Securities that became the owner of Hyundai Asset Management following its acquisition of Hyundai Securities, wants to sell its entire stake, or 6 million shares, in Hyundai Asset Management.
By Kang Doo-soon and Jeon Kyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]