[Featured Stocks] Ssangbangwool and Gwangrim Rise on Solo Bid for Eastar

[Asia Economy Reporter Hwang Junho] The consortium including Ssangbangwool and Kwanglim is showing strength following news that it is the sole participant in the public bidding for Eastar Jet.

As of 9:18 AM on the 15th, Ssangbangwool is trading at 1,320 KRW, up 23.36% from the previous close. Kwanglim is up 14.17% at 4,795 KRW, and Mirae Industry is trading at 21,200 KRW, up 12.17%.

In the preliminary bidding on the 31st of last month, three parties participated: the Kwanglim consortium, Pan Ocean of the Harim Group, and a private equity fund (PEF) management firm. Subsequently, in the main bidding on the 14th, only the Kwanglim consortium submitted a bid.

If a preferred negotiation partner is selected within this month, a detailed due diligence of Eastar Jet will be conducted, followed by the submission of a concrete rehabilitation plan by the 20th of next month. The acquisition process will conclude once the acquisition funds are injected.