 |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Ssangyong C&E will sell its affiliate Ssangyong Remicon to Jangwon Remicon. It is a measure for strengthening business competitiveness and financial stability.
Ssangyong C&E announced on the 28th that it decided to sell some of its affiliates Ssangyong Remicon shares and related real estate for 385.6 billion won at a temporary board meeting. Specifically, it is a real estate owned by Ssangyong C＆E, which is rented and used by 79% of Ssangyong Remicon shares and Ssangyong Remicon.
Ssangyong C&E also explained, "The sale includes a put option that can sell the remaining 21% of the shares of Ssangyong ready-mixed concrete to the buyer within three years, which can finally secure about 440 billion won in cash."
Founded in 1965, Ssangyong Ready-mixed Concrete, a company specializing in ready-mixed concrete, operates 19 ready-mixed concrete plants nationwide and has an annual production capacity of 15 million ㎥. It was spun off from Ssangyong C&E in April 2009 and as of last year, its total assets were 325.6 billion won, with sales of 379.8 billion won and net profit of 20.5 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
