Kumho Petrochemical to acquire Kumho Resort for KRW 255.3 billion-Chosunbiz> industry> company

Input 2021.02.23 17:39 | Revision 2021.02.23 18:14

Kumho Petrochemical (011780)Acquires this Kumho Resort.

On the 23rd, Kumho Petrochemical announced that it would acquire 1,0398434 shares of Kumho Resort for 160.4 billion won. Kumho P&B Chemical also decided to acquire 5.18 million,6252 shares of Kumho Resort for 80 billion won. After the stock acquisition, Kumho Petrochemical and Kumho P&B Chemicals own 66.7% and 33.3% of Kumho Resort, respectively.

Kumho Petrochemical held a board meeting on this day Asiana Airlines (020560)It confirmed the acquisition of Kumho Resort, a subsidiary, and signed a stock purchase agreement (SPA) with creditors and Asiana Airlines. Kumho Petrochemical decided to acquire Kumho Resorts for a total of 255.3 billion won, including Kumho Resorts 2403 billion won, Kumho Resorts owned by four subsidiaries of Asiana Airlines, and Kumho Holdings 15 billion won in Kumho Resorts’ China subsidiaries.

An official from Kumho Petrochemical said, “We finally decided to take over in terms of employee welfare and business portfolio diversification.” Kumho Petrochemical is planning to go through administrative procedures to take over Kumho Resort. The expected acquisition date is the 31st of the following month, and may change according to administrative procedures such as approval of the government’s business combination and payment of the balance.

Kumho Resort has 4 condos including Asiana CC, a 36-hole membership golf course in Yongin-si, Gyeonggi Province, and Tongyeong Marina Resort in Gyeongnam, and Weihai Golf & Resort in China.

Prior to the merger with Korean Air, Asiana Airlines had been promoting the sale of its subsidiary, Kumho Resort, to prepare for the liquidity crisis and increase capital. It is known that Asiana Airlines plans to use the proceeds from the sale of Kumho Resort for debt repayment.