Taekwang Industrial Submits Main Bid Proposal for Acquisition of Aekyung Industrial

1.5 Trillion Won Investment Roadmap Unveiled Last Month

Taekwang Industrial announced on the 22nd that it has submitted a main bid proposal for the acquisition of Aekyung Industrial.

Taekwang Industry.

A consortium formed by Taekwang Industrial, T2 Private Equity, and Yuanta Investment submitted the proposal on the same day. In April, Aekyung Group disclosed that it was considering selling its stake in Aekyung Industrial to improve its financial structure. Subsequently, on July 29, the group announced that it had received letters of intent from potential buyers and was conducting due diligence with a select few interested parties.

Taekwang Industrial is pursuing acquisitions and the establishment of companies related to cosmetics, energy, and real estate development as part of its business restructuring efforts, prompted by the downturn in its core petrochemical and textile sectors. On July 1, the company unveiled an investment roadmap to inject approximately 1.5 trillion won this year and next year. If the investment plan proceeds as scheduled, about 1 trillion won will be executed by the end of the year.