Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Hi Investment & Securities’ W217.5b fundraising plan hits snag
The fundraising plan of Seoul-based investment bank Hi Investment & Securities to fetch a combined 217.5 billion won ($187.8 million) is facing obstacles due to a possible court injunction.A total of 16 plaintiffs are seeking legal action to halt Hi Investment & Securities’ plan to raise 100 billion won by issuing 62.5 million redeemable and convertible preference shares, the investment bank said in a disclosure Tuesday.The Busan District Court will make a final ruling on the matte
Market Jan. 14, 2020
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NH-Amundi, SSIAM partner to develop products tracking Vietnam stock indexes
Seoul-based NH-Amundi Asset Management and Ho Chi Minh City-based SSI Asset Management have agreed to partner to develop products that track benchmark indexes in the Vietnamese stock market, according to NH-Amundi on Tuesday.On Monday, they signed a memorandum of understanding guaranteeing an exclusive partnership to launch new financial instruments that track indexes of blue-chip companies, including the VN50 listed on the Hanoi Stock Exchange and VN30 that seeks listing on the Ho Chi Minh Stoc
Market Jan. 14, 2020
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Goldman Sachs, SK to jointly invest W50b in cold warehouse operator
Global investment bank Goldman Sachs and SK Holdings said Monday they plan to jointly invest 50 billion won ($43.3 million) in Belstar Superfreeze, a South Korean entity that develops and operates cold warehouses powered by liquefied natural gas.Belstar in the first tranche will raise 25 billion won funding each from Goldman Sachs and the holding company of conglomerate SK Group. The two investors may opt to invest an additional 12.5 billion won each within a year. Now controlled by US
Market Jan. 13, 2020
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Korean realty investments in Europe jump 122%
South Korean investments in European commercial real estate assets in 2019 jumped 122 percent on-year to 12.5 billion euros ($13.9 billion), on the back of Korean investors’ foreign exchange hedging against the euro and lower borrowing costs, data showed Monday.The acquisition binge also signals Korean investors’ need to digest the earlier deals in the region, according to global real estate consultancy Savills.By countries, France boasted the largest volume of Korean investments at
Market Jan. 13, 2020
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Kakao Bank co-CEO joins ruling party, forfeits W2.6b stock option
Lee Yong-woo, co-chief executive of South Korea’s largest neobank Kakao Bank, said Sunday he had agreed to join the ruling Democratic Party in an apparent bid to run in the general elections here in April.The accompanied move to quit the mobile-only lender comes at the cost of his stock option -- 520,000 shares in the commercial lender that may be converted to at least 2.6 billion won ($2.2 million) starting March 2021. “I’m confident that the Moon Jae-in administration&r
Market Jan. 12, 2020
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Hanjin KAL proxy fight looms as new investor comes to light
Hanjin KAL, the holding company of South Korea’s No. 1 air carrier Korean Air, is likely to face a proxy fight over its management, after it welcomed affiliates of builder Bando Group as major stakeholders.Eyes are fixed on whether Bando will act in favor of either of late Hanjin Chairman Cho Yang-ho’s scions in the shareholders meeting in March.Incumbent Chairman Cho Won-tae’s tenure is set to expire by March 2020. The successor’s reappointment appears to be facing uncer
Market Jan. 12, 2020
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Green Cross eyes W200b acquisition of EMR software vendor
A consortium led by South Korean biopharmaceutical company Green Cross has been selected as the preferred bidder for the majority stake sale of UBCare, the nation’s No. 1 electronic medical records system vendor. The investor group, composed of Green Cross and Synaptic Investment, is looking to buy some 52 percent stake in UBCare from venture capital firms STIC Investment and Kakao Investment, according to investment banking sources on Friday. The shares are roughly valued at 200 billion w
Market Jan. 12, 2020
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KDB, K-Growth to earmark W400b fund for supply chain autonomy
South Korea‘s state-owned lender Korea Development Bank and state-led fund-of-funds management company Korea Growth Investment (K-Growth) are looking for partners to earmark a combined 400 billion won ($344.9 million) to support materials and components sectors here and ensure national self-sufficiency in manufacturing supply chains.With the state backing 220 billion won, the funds are intended to foster the growth of Korean firms dedicated to materials components and equipment and ultimat
Market Jan. 9, 2020
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[News Analysis] Can Delivery Hero-Woowa deal reshape Korea’s food delivery market?
For decades, free door-to-door food delivery service has been a common option for all kinds of South Korean restaurants.Not just pizzas, fried chicken and Chinese food, but also soups and meat dishes are just a phone call away – for delivery to homes, offices and even parks and other public spaces. The advent of digitalization, however, has led to the rise of online on-demand food delivery service platforms. Homegrown mobile apps, including Baedal Minjok, Yogiyo, Baedaltong, as well as exp
Market Jan. 8, 2020
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Moon’s shareholder engagement push to empower pension funds
South Korean President Moon Jae-in on Tuesday called for the swift revision of laws to allow institutional investors to ramp up shareholder engagement in the domestic market. This, he stressed, would prevent abuses of power in the business world. In his New Year’s speech, Moon urged the government to amend the Capital Markets Act and the Commercial Act, saying the proposed changes were critical to ensure fairness in the domestic market.“Fairness is the backbone of innovation and incl
Market Jan. 7, 2020
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Major banks up ante for W2tr Prudential Life bid
Major banking groups in South Korea are revealing their appetite for what could become the largest acquisition deal in the nation’s financial industry this year: a 100 percent stake in Prudential Life Insurance of Korea valued at some 2 trillion won ($1.7 billion).The latest to express an interest was Woori Financial Group Chairman Sohn Tae-seung on Friday. He told reporters at a New Year gathering event of financial circles in Korea that he is “willing to do an M&A” of Pru
Market Jan. 5, 2020
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Wonik QnC embraces Momentive’s quartz operation for $266m
South Korea’s fabricated quartz maker Wonik QnC said Friday it had completed an acquisition of quartz and ceramics business units owned by New York-based company Momentive Performance Materials for $266 million, in a bid to achieve a vertical integration of its supply chain.Wonik QnC based in Gumi, North Gyeongsang Province, makes components for semiconductors, displays and other products using quartz. The cross-border deal will allow the company to wholly own the world’s leading fus
Market Jan. 3, 2020
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Time is ticking for KDB to sell life insurance arm
Shareholders of Seoul-based KDB Life Insurance are under intensifying pressure to find a new owner, potentially facing a host of new complex regulations next month when a 10-year grace period expires. State-run policy lender Korea Development Bank has yet to find a preferred bidder for the life insurance unit, although Chairman Lee Dong-gull anticipated finding one through an open tender by end-2019.The uncertainty casts doubt on the bank’s sell-off by February, which would otherwise resu
Market Jan. 2, 2020
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Sungdong Shipbuilding averts liquidation with W200b deal
A consortium led by HSG Heavy Industries signed a contract Tuesday to buy debt-saddled South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering for 200 billion won ($173 million), allowing the shipbuilder to avert liquidation of its assets.So far the consortium has paid 10 percent of the total, with the balance due by February.This came a month after the consortium, composed of HSG Heavy and private equity firm Curious Partners, was chosen as the preferred bidder for the Tongyeong
Market Dec. 31, 2019
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M&As to keep Korean industries going in 2020
South Korea was brimming with billiondollar mergers and acquisitions in 2019, mainly propelled by large business groups in search of new growth opportunities, along with the divestment of their noncore business units.Throughout 2019, Korean entities announced a record-high volume of M&A transactions worth a combined 37.7 trillion won ($32.6 billion), according to Maeil Business Newspaper’s capital market tracker Radar M.Experts say this uptrend will continue and will eventually fuel an
Market Dec. 31, 2019
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