Ssangyong C&E is showing strength. The news of a public tender offer to buy shares at 7,000 KRW per share appears to have had an impact.
As of 9:23 AM on the 5th, Ssangyong C&E was trading at 6,930 KRW, up 520 KRW (8.11%) compared to the previous trading day.
Han & Company (Han & Co) announced that starting today, it will publicly tender to purchase 102,547,560 shares of Ssangyong C&E (20.1% of issued shares) at 7,000 KRW per share. The total purchase amount is 701.783292 billion KRW. The purpose is to make it a wholly owned subsidiary. NH Investment & Securities is managing the public tender offer.
Han & Co acquired a portion of Ssangyong C&E's shares (then Ssangyong Cement Industrial) in 2012, and in 2016, injected additional capital through its first blind fund to acquire management rights. The total funds invested in the acquisition amounted to 1.4375 trillion KRW. After Han & Co's acquisition, Ssangyong C&E expanded by incorporating Daehan Cement, Hannam Cement, and Daehan Slag as subsidiaries. In 2022, it recorded annual sales of 1.965 trillion KRW and an operating profit of 220.8 billion KRW. Operating profit up to the third quarter of last year was 78.4 billion KRW.
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