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Hankook Machine Tools offering stake in Kosdaq-listed KSP

Collected: 2016.11.02

Distributed: 2016.11.03

Source: Go Direct

Hankook Machine Tools Co. a machine tool maker in South Korea will sell shares in Kosdaq-listed subsidiary KSP Co. to improve its capital base and graduate from court management.

According to the investment banking industry Tuesday, Hankook Machine Tools has named Deloitte Anjin to lead sale of 4,028,000 shares, or a 42.65 percent stake, in KSP. Letters of intent will be received until Nov. 21 and bids would be made early next month after due diligence.

Hankook Machine Tools, manufacturer of machine tools, filed for court receivership in a Korean court in July after it hit liquidity crunch from prolonged slump in shipbuilding and heavy machinery market. It posted an operating loss of 16.6 billion won ($14.6 million) on sales of 79.3 billion won last year.

Its subsidiary KSP, manufacturer of engine valves for vessel, recorded an operating loss of 29.1 billion won on sales of 16.2 billion won in the first half.

Shares of KSP on Tuesday ended at 3,650 won, down 5.93 percent, or 230 won, from the previous session.

By Yoo Tae-yang

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