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Hansol Paper mulls sale of Osan mill

Aug 29, 2016

[THE INVESTOR] Hansol Paper, South Korea’s leading paper manufacturer, is weighing the sale of its thermal and graphic paper mill run by its subsidiary Artone, the company said on Aug. 29. “We are leaving open the possibility of selling the Osan factory and will soon announce whether we intend to sell the asset,” an official at Hansol Artone Paper said. If successful, the disposal of the factory located in Osan, Gyeonggi Province, is expected to help the company to improve its balance sheet.Sinc
KEB Hana Bank signs US$200m investment deal with CM International Holding

Aug 29, 2016

[THE INVESTOR] KEB Hana Bank has sealed an investment deal worth US$200 million with CM International Holding, an arm of China Minsheng Investment, the South Korean lender said on Aug. 29. Singapore-based CM International Holding is preparing to tap into the Chinese insurance market after acquiring the entire stake in global reinsurer Sirius International Insurance Group for about US$2.2 billion in 2015. Headquarters of KEB Hana Bank in downtown SeoulKEB expects an average return of 12 percent
KTB Investment inks US$86m deal to buy A330 from Chinese lessor

Aug 29, 2016

[THE INVESTOR] KTB Investment & Securities has signed a deal worth US$85.6 million with a Chinese aircraft leasing company to buy an Airbus wide body plane which is being leased by Singapore Airlines in a bid to expand its alternative investment portfolio, the South Korean brokerage said on Aug. 29. KTB Investment raised funds from local institutional investors, including insurers, with an expected annual return of 3 to 6 percent a year for the next six years until Singapore Airlines ends its re
[HANJIN CRISIS] W17tr losses expected if Hanjin Shipping put under court-led restructuring

Aug 26, 2016

[THE INVESTOR] South Korea’s shipping industry, once the country’s backbone industrial sector before falling into a deep slump, could face multitrillion won losses and massive layoffs if Hanjin Shipping goes under court receivership, according to the Korea Shipowners’ Association. The association estimated that placing Hanjin Shipping into court-led restructuring could cause some 9.24 trillion won (US$8.31 billion) in damages and around 1,193 employees working in the industry could lose their jo
[HANJIN CRISIS] Creditor says Hanjin Shipping’s rehab plan insufficient

Aug 26, 2016

[THE INVESTOR] The main creditor of Hanjin Shipping expressed dissatisfaction with the cargo container carrier’s self-rehabilitation measures, increasing the possibility the financially troubled firm could put under court receivership.“There was not much change from previously submitted self-rescue plans,” said Jeong Yong-seok, vice governor of restructuring at Korea Development Bank, the main creditor of Hanjin Shipping. On Aug. 25, the embattled cargo container carrier mapped out 500 billion w
AJ Networks, SK Networks head of pack in Tongyang Magic takeover

Aug 26, 2016

[THE INVESTOR] Two local car rental companies have emerged as favorites to acquire home appliance vendor Tongyang Magic, as the short-listed seven potential buyers in preliminary bidding have been revealed, Money Today reported Aug 26. AJ Networks and SK Networks made it to the second round of bidding and were thought to be favored by Tongyang Magic’s management. NH Investment & Securities, the main manager of the takeover deal, narrowed the field to a shortlist of seven bidders, including the t
S, Korea's financial watchdog chief urges better handling of derivatives

Aug 25, 2016

[THE INVESTOR] Responding to the recent record-high issuance of risky financial derivatives, South Korea’s financial watchdog urged local brokerages to do a better job managing the tricky instrument. “Securities companies should thoroughly assess risks (involved with derivative-linked securities) autonomously and remember the difficulties they faced when global stock markets plunged in the early part of this year,” said Jin Woong-sub, governor of the Financial Supervisory Service, while speaking
South Korea’s NPL market to exceed W1tr won in Q3

Aug 25, 2016

[THE INVESTOR] The volume of South Korean bank‘s non-performing loans to be publicly auctioned in the third quarter is expected to increase over 20 percent from a year earlier, while some bidders are likely to return to the market after being absent for several years. Based on outstanding principal balance, a pool of 1.06 trillion won (US$950 million) of distressed assets owned by South Korea’s major banks is to be on sale during the July-September period, up 23 percent from 865.4 billion won in
IBK Capital’s Myanmar unit launched

Aug 25, 2016

[THE INVESTOR] IBK Capital, the private equity and venture capital arm of the Industrial Bank of Korea, has launched operations in Myanmar, the firm said on Aug. 25. The company will offer a range of agriculture loans, consumer durable loans and student loans to Burmese customers. Three branches -- two in Yangon and one in Mandalay -- will be run by IBK Capital. IBK Capital CEO Yoo Seok-ha said the company will seek a new growth engine by expanding its presence in the Southeast Asian region afte
STX to hire arranger for French affiliate sale this week

Aug 25, 2016

[THE INVESTOR] STX Offshore & Shipbuilding, the South Korean shipyard that has been undergoing a court-led restructuring scheme, is revitalizing a plan to sell STX France by hiring a manager for its sale this week after two previous attempts failed. Local accounting firm Samil PwC has been tapped as a lead adviser by STX, but the decision is subject to approval from the Seoul Central District Court, which is expected to come by the end of this week, sources said Aug. 25. The court has been super
Quintessa Investment looks to buy 56% stake in GDK Cosmetics

Aug 25, 2016

[THE INVESTOR] GDK Cosmetics, South Korea’s No. 1 facial mask manufacturer, is in talks with local private equity firm Quintessa Investment to sell its majority stake in a deal that could be worth over 100 billion won (US$89.6 million), the company said Aug. 25. The cosmetics company seeks to sell a 56 percent stake in the company, including 44 percent stake owned by GDK Cosmetics founder Kim Sung-ho and 12 percent owned by L&P Cosmetics. “The largest shareholder is currently negotiating the acq
China Merchants Securities to tap into S. Korean market in 2016

Aug 25, 2016

[THE INVESTOR] China Merchants Securities, China’s eighth-largest brokerage firm, is set to begin operation in South Korea by the end of the year amid Korean investors’ growing interest in Chinese stocks ahead of the Shenzhen-Hong Kong market tie-up.On Aug. 25, Seoul’s Securities and Futures Commission granted a preliminary license to the Chinese securities firm to set up business here. If China Merchants Securities receives the final approval from Korean financial regulators, it will become the
KKR, Carlyle Group join to compete for Logen Logistics

Aug 24, 2016

[THE INVESTOR] Competition between private equity firms to acquire Logen Logistics, South Korea‘s fourth-largest package delivery firm, is intensifying as two new potential buyers have emerged, sources said Aug. 24. According to officials at an investment bank, US-based private equity firm the Carlyle Group and KKR have been conducting due diligence on Logen to join the bidding race. The two firms are the latest to express interest in the acquisition deal that fizzled out when short-listed globa
Woori Bank downgrades DSME loan to ‘precautionary’

Aug 24, 2016

[THE INVESTOR] Woori Bank, the country‘s third-largest lender by assets, said on Aug. 24 it will categorize loans to financially troubled Daewoo Shipbuilding & Marine Engineering as “precautionary,” one notch down from “normal.”“As the largest creditor Korea Development Bank revised down its loan rating on the company, we decided to follow suit by the end of this month,” an official at the lender said. The state-owned bank’s loans extended to the shipbuilder stand at around 490 billion won (US$4
[ANALYST REPORT] Jackson Hole Meeting: Waiting for ‘great boast’

Aug 24, 2016

With a week left until the Jackson Hole Meeting, we expect global bond markets to take a wait-and-see approach. But, as the US Fed chair is unlikely to give hints also whether there will be a FF rate hike in September, global bond markets should resume strengthening after the meeting. Against this backdrop, we suggest expanding duration on KTBs.▶ Major issues in global bond marketsThis week, global bond markets will likely take wait-and-see approach in the run up to the US Fed’s Jackson Hole Mee