[Alpha Biz= Reporter Kim Sangjin] Hahn & Co plans to sell two subsidiaries of Ssangyong C&E—Ssangyong Basic Materials and Korean Basic Materials—in an effort to secure cash.
According to investment banking (IB) industry sources on the 5th, Hahn & Co is preparing to enter into preliminary bidding for the management rights of Ssangyong Basic Materials and Korean Basic Materials next week. PwC Samil is the advisor for the sale.
Both Ssangyong Basic Materials and Korean Basic Materials produce and sell slag cement. Ssangyong C&E holds a 100% stake in both companies. Last year, Ssangyong Basic Materials reported sales of 92.3 billion KRW and an operating profit of 9.3 billion KRW, while Korean Basic Materials posted sales of 86 billion KRW and an operating profit of 15.3 billion KRW. The market is currently evaluating the appropriate valuation based on recent performance.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
