Copper-clad laminates (Courtesy of Doosan Co.)
Doosan Co., the holding company of South Korea s Doosan Group, is in contact with several private equity firms to sell its in-house electronic materials division that produces copper-clad laminates (CCLs), a core material for OLED displays.
The company of the heavy machinery and power equipment-focused group is in the early stages of talks with both domestic and overseas PEFs, asking for over 1 trillion won ($888 million) for the profit-making division, according to investment banking sources on Apr. 13.
Doosan, 44% owned by its founding members, plans to use the proceeds from the planned carve-out to take over Doosan Bobcat Co., one of the group s core units, from Doosan Heavy Industries & Construction Co. which owns 51% of Bobcat. Based on the market capitalization of 4 trillion won, the 51% stake is worth around 2 trillion won.
Kia s first dedicated electric vehicle, EV6 (Courtesy of Kia)
Kia Corp. has issued its first foreign currency ESG bonds worth $700 million to strengthen its investment in electric vehicles and other eco-friendly initiatives.
According to the investment banking industry on Apr. 13, Kia has issued non-guaranteed, dollar-denominated green bonds for sale to global institutions based outside the US.
The bond issuance marks Kia s second foreign debt after the first set in 2017.
Of the total, $300 million worth of bonds were issued with a maturity of three years, while the other $400 million have a maturity of five and a half years.
The three-year bonds have a yield of 75 basis points above the yield on US treasuries with the same maturity, whereas the five-and-a-half-year bonds have a yield of 90 basis points above the US treasuries yield with the same maturity.
Hyundai Motor Group Chairman Chung Euisun.
Hyundai Engineering Co., an unlisted construction affiliate of the Hyundai Motor Group, is seeking an initial public offering on the Korean bourse, a move widely seen as a precursor to the automotive group’s ownership revamp.
According to the investment banking industry on Apr. 13, Hyundai Engineering last week sent out a request for proposals (RFP) to brokerages interested in managing its planned IPO.
Among the prospective IPO managers are Mirae Asset Securities, Korea Investment & Securities, NH Investment & Securities, Shinhan Investment Corp. and Hana Financial Investment. Citigroup Global Markets Korea, Morgan Stanley, JPMorgan and Credit Suisse have also been asked to submit a bid.
Global perspective: US-China tension may offer new opportunity for N. Korean diplomacy
April 12, 2021 (Mainichi Japan)
North Korean leader Kim Jong Un is seen in this file photo. (Korean Central News Agency via Korea News Service) North Korean leader Kim Jong Un, First Secretary of the Workers Party of Korea (WPK), adopted a policy of parallel construction of economy and nuclear arsenal in March 2013, less than a year and a half after the death of his father, Kim Jong Il. At that time, few observers expected the reclusive country s rapid advance in missile development four years later. Following its successful development of a large-scale rocket booster in March 2017, North Korea has test fired medium-range and intercontinental ballistic missiles one after another since May of that year. In November, Pyongyang launched the Hwasong-15 missile that is said to be capable of reaching the east coast of the United States. Kim Jong Un thus declared the completion of the nat