Creditors Ask Higher Price for Kumho Industrial

Creditors are pushing for Kumho Asiana Group to pay more than 650.3 billion won – the amount the company has said it cannot exceed – for the purchase of Kumho Industrial.

“It just makes no sense for creditors to ask us to buy Kumho Industrial at 59,000 won a share when its stock is traded around 16,000 won on the local bourse,” a Kumho Asiana spokesman said, according to a report in The Korea Times. “They should be grateful that we are willing to pay more than what Hoban Construction offered to. Creditors must stop being unreasonable.”

In April, creditors held an open bid for Kumho Industrial. Hoban, the only firm to take part in the bid, said it would buy the 57.5% stake for 600.7 billion won or 30,907 won per share, much lower than creditors’ expectations, the newspaper reported. Creditors rejected Hoban’s bid and have since been negotiating with Kumho.

Kumho Industrial, more than just a construction firm, holds a 30.1% stake in Asiana Airlines and a 46% stake in Air Busan, as well as owning Kumho Terminal and the group’s headquarters building in downtown Seoul, according to The Korea Times.

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