Hyundai Cement, the listed South Korean maker, has confirmed in a statement its plan to sell its leisure business unit.
According to its release to the stock exchange, it has placed all assets belonging to the leisure business division – including the Hyundai Sungwoo Resort – up for sale.
Its advisor, KB Investment & Securities, is open to receiving letters of intent from potential buyers up to 15:00 (Seoul time), 15 September 2010. The LOIs, including confidential agreements, need to be submitted to the advisor at 23F, Shinhan Investment Building, 23-2, Yeouido-dong, Youngdeungpo-gu, Seoul, Korea.
Following the acceptance of the letters of intent, qualified potential bidders will be selected, and they will be informed individually.
According to an earlier report, Hyundai Sungwoo Resort, the key asset of the unit, recorded KRW 53.2bn (USD 47.7m) in sales last year but posted a loss of KRW 8.1bn (USD 7.2m) for the period.
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