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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL – Samyang Foods announced on July 30 that it has canceled its planned acquisition of land and buildings worth ₩103.5 billion in Yongsan’s Hangang-ro 2-ga district.
The company had disclosed in November 2023 that it would purchase the property for office and rental purposes as a long-term investment, with the transaction expected to close by June 30, 2024.
However, Samyang Foods’ board of directors voted on July 30 to terminate the deal, citing the failure to meet certain transaction conditions agreed between the parties.
The cancellation signals a strategic shift in Samyang Foods’ property investment plans amid changing market and contractual circumstances.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
