[Asia Economy Reporter Song Hwajeong] Namyang Dairy Products has continued its decline for the second day following the news of the failed sale.
As of 9:49 AM on the 2nd, Namyang Dairy Products was traded at 516,000 KRW, down 31,000 KRW (5.67%) compared to the previous day.
On the previous day, Chairman Hong Wonsik of Namyang Dairy Products announced in a statement that he had notified the private equity firm Hahn & Company (Hahn & Co) of the termination of the stock purchase agreement. On May 27, Chairman Hong and Hahn & Co had signed a stock purchase agreement for the sale of 53.08% of shares held by Chairman Hong’s side for 310.7 billion KRW.
The Korea Exchange has announced its intention to designate Namyang Dairy Products as an unfaithful disclosure corporation due to the reversal of a major management disclosure related to investment decisions.
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