ID :
37560
Fri, 12/26/2008 - 20:52
Auther :
Shortlink :
http://m.oananews.org//node/37560
The shortlink copeid
Eugene to sell brokerage unit to private equity fund By Nam Kwang-sik
SEOUL, Dec. 26 (Yonhap) -- Eugene Corp., a South Korean ready-mix concrete maker, said Friday that it plans to sell its brokerage unit to a private equity fund by the end of January in a bid to secure cash.
Eugene said it has picked Renaissance as a preferred bidder for Eugene Investment
& Securities Co. and will clinch a formal deal by the end of January.
The private equity fund was set up by Daewoo Securities Co. and Woongjin Capital
Co.
Eugene did not reveal the precise sale price of its brokerage unit, but it is
estimated to be worth between 110 billion won (US$85 million) and 130 billion
won.
Eugene said it has picked Renaissance as a preferred bidder for Eugene Investment
& Securities Co. and will clinch a formal deal by the end of January.
The private equity fund was set up by Daewoo Securities Co. and Woongjin Capital
Co.
Eugene did not reveal the precise sale price of its brokerage unit, but it is
estimated to be worth between 110 billion won (US$85 million) and 130 billion
won.
