Hyundai Cement has engaged KB Investment & Securities and Korea Development Bank as financial advisors in the sale of leisure business unit, reported Money Today.
Hyundai Cement is the listed South Korea-based cement maker, which is reportedly going to put its leisure unit for sale.
The report, which credited industry sources for the information, stated that Hyundai Cement has entered into debt restructuring process in last June and planning to raise KRW 200bn (USD 171m)Â liquidity by the division’s sale.
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 loss of KRW 8.1bn (USD 7.2m) in the period.
Source: Money Today (translated)
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