[Featured Stock] Namseon Aluminum Surges Despite Denial of Ssangyong Motor Acquisition

[Asia Economy Reporter Hwang Junho] The stock price of Namseon Aluminum is soaring sharply in early trading. Although the company stated that it has no intention to acquire Ssangyong Motor, the expectation of a renewed acquisition attempt seems to have increased.

According to the Korea Exchange on the 5th, Namseon Aluminum was trading at 4,415 KRW as of 10:03 AM, up 8.74% from the previous close. During the session, it even surged up to 4,790 KRW, a 17.98% increase. Namseon Aluminum, an automotive parts company under SM Group, has shown a steady upward trend in its stock price after Edison Motors' bid to acquire Ssangyong Motor fell through.

However, Namseon Aluminum stated on the 28th of last month, "Regarding the termination of the Ssangyong Motor investment contract, neither the group nor the company has re-approached Ssangyong Motor about a possible acquisition." They added, "We hope that no innocent investors suffer any damage, big or small, due to baseless rumors circulating in the market."