Korea High Tech, a privately owned South Korean industrial tape manufacturer, may be put up for sale, Money Today reported.
The company, set up in 1997, last year recorded revenue and operating profit respectively of KRW 18.6bn (USD 15.6m) and KRW 2.8bn.
The news report on Tuesday, 31 August, cited industry sources as saying that Oak Investment Banking, a South Korean fund manager and the largest shareholder in Korea High Tech with 74% stake, decided to sell its entire stake and already sent teaser letters to potential buyers such as Hanwha and Nongshim.
According to the report, Hanwha, the South Korean conglomerate, has mandated Deloitte Anjin as financial adviser to make the bid and is now conducting due diligence. Nongshim, a listed South Korean food maker, is also conducting due diligence and PwC Samil is the adviser. The bid proposal is expected later today.
If the offers don’t satisfy the seller, the sale could be cancelled and Oak Investment Banking may instead consider taking Korea High Tech public as a way of exit. The report estimated the deal value could go up to KRW 30bn (USD 25m).
Source: Money Today (translated)
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