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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.
By Nam Hyun-woo
Coupang s proposed plan to offer its shares on the New York Stock Exchange (NYSE) is rekindling a debate over the necessity of dual-class shares in Korea, where a one-share-one-vote regime is mandated.
Those supporting the dual-class system say it helps startups and venture companies raise investments without concerns about protecting their managing rights, while others argue the system would only assist Korea s family-owned companies long-time practice of controlling their corporate empire with a small stake.
Coupang filed for its initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to debut on the NYSE. In doing so, the company said it has no plans to file for an IPO in Korea. Though the company did not elaborate on its rationale for ignoring on the Korean bourse, industry officials say the company made the decision in order to issue dual-class shares.
‘Further acquisitions are in the pipeline for the next few months’
Attivo Group has completed its first two acquisitions since deferring its activity in April due to the coronavirus and lockdown.
The clients of London-based IFA Paratus Financial Planning will transfer to the group’s independent financial planning arm, Attivo Financial Planning.
Surrey-based IFA firm Sovereign Asset Management will continue as an appointed representative of Attivo Financial Services.
The financial terms of the deals were not disclosed.
Growth plan
This marks the start of a planned period of growth for Attivo Group, with 500 customers adding to its existing high net worth client base.