[Special Stock] KG Group Affiliate 'Pursuing Ssangyong Motor Acquisition' Surges Early in Trading

[Image source=Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Shares related to KG Group surged in unison from the early trading session on the 7th following reports that KG Group is entering the bid for Ssangyong Motor.

As of 9:10 a.m. that day, KG Dongbu Steel was trading at 15,700 won, up 24.60% (3,100 won) from the previous trading day. At the same time, KG Chemical was up 16.75% (6,650 won) at 46,350 won, and KG Mobilians was trading at 11,350 won, up 14.65% (1,450 won).

Other affiliates such as KG ETS (12.97%) and KG Inicis (5.13%) also showed strong performance.

This is interpreted as a result of the news the previous day that KG Group is pushing for the acquisition of Ssangyong Motor. It was reported that KG Group expressed its intention to participate in the acquisition to EY Han Young Accounting Corporation, the lead manager for the sale of Ssangyong Motor.

Meanwhile, the Korea Exchange's KOSPI Market Headquarters requested a disclosure inquiry from KG Chemical regarding the 'rumor of participation in the Ssangyong Motor acquisition bid.'