Korean version of Elliott becomes feasible
Posted : 2021-02-28 15:32
By Park Jae-hyuk
MBK Partners, Hahn & Company, IMM Private Equity and other Korean private equity firms (PEFs) will be able to compete fairly with their foreign peers in the local capital market.
If the National Assembly abolishes discriminatory regulations against domestic PEFs, they are expected to engage in shareholder activism and invest in domestic unicorns with high growth potential.
According to the National Policy Committee, Sunday, its members agreed last week on a revision of the Capital Markets Act, which includes the abolishment of the so-called 10 percent rule that forces PEFs meddling with the management of companies to acquire more than 10 percent of voting shares or a board seat in companies in which they invest.
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OK, I understand
By Park Jae-hyuk
Hahn & Company (Hahn & Co.) is accelerating investments taking into account environmental, social and corporate governance (ESG) criteria through the acquisition of companies engaging in eco-friendly businesses.
The private equity firm (PEF) took over SK Eco Prime, which was formerly SK Chemicals biofuel operation, for 380 billion won ($340 million) in February last year, to increase its investments in renewable energy.
This decision was made amid growing calls for businesses worldwide to focus more on fulfilling their social responsibilities through sustainable investments.
The European Union proposed the Renewable Energy Directive (REDII) for the promotion of energy from renewable sources in various sectors. The Ministry of Environment here also announced a plan last December to reduce greenhouse gas emissions in 2030 by 24.4 percent from the 2017 level to fight climate change.
Hanjin Group speeds up asset divestments to cope with pandemic |
A promotional photo of an aircraft of Korean Air Lines, an aviation arm of Hanjin Group. (Korean Air Lines)
Hanjin Group, which controls South Korea‘s largest aviation firm Korean Air Lines, is speeding up asset divestments to secure cash in an apparent effort to cope with the COVID-19 pandemic, filings showed Sunday.
Hanjin Group’s holding company Hanjin KAL is poised to sell a 100 percent stake in a golf course developer Jedong Leisure to an undisclosed buyer for 23 billion won ($20.9 million). The company, located in Jeju Island, has sought to lay out a golf course development project in eastern Gyeonggi Province, only to face road blocks due to regulations.