Partial Sale of Shares and Related Real Estate by Jangwon Remicon
"Secured Funds to Be Used for Facility Investment"
Ssangyong C&E is selling its affiliate Ssangyong Remicon to Jangwon Remicon.
On the 28th, Ssangyong C&E announced that it resolved at an extraordinary board meeting to sell some of the shares of its affiliate Ssangyong Remicon and related real estate for 385.6 billion KRW.
It decided to sell 79% of Ssangyong Remicon’s shares and the real estate owned by Ssangyong C&E, which Ssangyong Remicon leases and uses, to Jangwon Remicon.
The sale also includes a put option allowing the buyer to purchase the remaining 21% of Ssangyong Remicon’s shares within three years.
Ssangyong C&E will secure approximately 440 billion KRW in cash as the final sale price. A representative of Ssangyong C&E stated, “This affiliate sale will secure short-term cash liquidity of over 400 billion KRW, significantly enhancing financial stability,” and added, “The secured funds will be used for facility investments aimed at strengthening competitiveness in the cement business and restructuring the business around comprehensive environmental services.”
As of last year, Ssangyong C&E reported total assets of 325.6 billion KRW, sales of 379.8 billion KRW, and a net profit of 20.5 billion KRW.
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