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지나쌤

KDB to proceed with Doublestar deal for Kumho Tire

By Korea Herald

Published : April 19, 2017 - 15:21

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The state-run Korea Development Bank and Chinese tiremaker Doublestar are scheduled to proceed with sales of Kumho Tire from Monday to Sept. 23, if Kumho Asiana Group Chairman Park Sam-koo does not exercise the right of first refusal, KDB said Wednesday.

“Chairman Park has until the 19th, which is today, to exercise the right of first refusal. If he does not change his stance, we are planning to continue the stock purchase agreement signed with Doublestar” said an official at KDB, one of Kumho Tire’s nine creditors leading the deal.

(Yonhap) (Yonhap)

KDB and Doublestar have to complete sales of Kumho Tire’s 42.01 percent of shares worth 955 billion won ($831 million) between April 24 and Sept. 23.

If the deal fails, Park will be given another pre-emptive right.

During the time frame, KBD and Doublestar are to work on narrowing down their stances on key issues, and the Chinese firm is expected to request for business approval from the Korean and Chinese governments.

Park on Tuesday confirmed that Kumho Asiana will pass on buying back a majority share of its tire unit for now, calling the process of selling “unjust and unfair.” 

By Kim Bo-gyung (lisakim425@heraldcorp.com)

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