SM Group, a South Korean conglomerate that has several listed subsidiaries under its wing, has showed interest in buying Ssangyong Motor, reported the Seoul Economic Daily.
Ssangyong Motor, the listed South Korean auto maker, entered into court receivership in 2008 and currently is involved in a debt workout program.
The report cited SM Group president, Woo Oh-Hyun, who said in an interview with the paper that he believes the electric vehicle industry could be a good market for Ssangyong to grow into.
Woo said if his group, which now develops parts and batteries for electric vehicles, acquires Ssangyong, it could generate a great synergy.
SM Group, which has 14 subsidiaries in the construction and chemical and textile industries, recorded total revenues of KRW 1.2tn (USD 1.07bn) last year.
Ssangyong Motor has a market cap of KRW 466bn (USD 416m).
See here for all posts on the sale of Ssangyong Motor.
(Source: Seoul Economic Daily)
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