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Biz News Korea(Eng)
Sambu Construction Industrial auction draws several bidders
- Collected
- 2016.11.11
- Distributed
- 2016.11.14
- Source
- Go Direct
According to the investment banking industry Thursday, KCC Corp., Tongyang Inc. and Keystone Private Equity L.P. submitted final bids to take over the concrete pile maker.
The Korean court and Samjong KMPG LLC, the financial advisor, will shortlist a preferred bidder early next week at the earliest.
Sambu Construction Industrial, founded in 1972, manufactures pre-stressed high strength concrete piles. Last year, it posted an operating profit of 15 billion won ($12.9 million) on sales of 66.7 billion won, driven by a housing boom in the country.
KCC, which joined the bid through its subsidiary Korea Autoglass Corp., has been showing a keen interest in recent major buyouts including Ssangyong Materials Corp. As it runs the construction business through KCC Engineering & Construction Co., a potential acquisition of Sambu Construction Industrial is expected to create synergy with its construction arm. The same goes for Tongyang that supplies special cement and ready mixed concrete, and Keystone Private Equity, which earlier acquired a builder Dongbu Corp.
The deal value is estimated at around 75 billion won, but the price may go down on the request of buyers after the firm paid out about 10 billion won in dividends to its parent company Sambu Construction, lowering its cash reserves.
As of 2:54 p.m. on Friday, shares of Sambu Construction were traded at 9,090 won, up 2.7 percent, or 240 won, from the previous session.
By Chun Gyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]