Input 2021.02.23 17:39 | Revision 2021.02.23 18:14
On the 23rd, Kumho Petrochemical announced that it would acquire 10,3984,344 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.
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 scheduled 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, 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 repayment of debt.