[THE INVESTOR] Korea Electric Power Corp. plans to acquire a US solar power plant, the South Korean company said Aug. 22. According to KEPCO, it will sign a deal to acquire Cogentrix Energy Power Management’s Alamosa Solar Generating Plant in Alamosa, Colorado, at the end of the month.The deal is estimated to be worth about US$30 million. Alamosa Solar Generating Plant has a generation capacity of 30 megawatts and supplies power to about 10,000 homes, the company said. This is the latest move by

[THE INVESTOR] Samsung Asset Management is to establish two spinoff subsidiaries on Jan. 1.Samsung Asset Management said on Aug. 19 that the move is aimed at increasing the efficiency of its businesses.One of the subsidiaries tentatively named Active Asset Management will be established with 30 billion won (US$ 26.76 million) capital, and it will specialize in collective investment and investment consultations, the company said. The other subsidiary, tentatively named Hedge Asset Management, wil

[THE INVESTOR] South Koreans cut back on education spending, but ponied more up for tobacco and alcohol products during the second quarter of the year compared to a year ago, data showed Aug. 19. According to Statistics Korea data, South Korean households’ education spending declined 0.7 percent on-year, but spending on alcoholic drinks and tobacco products rose 7.1 percent. For tobacco alone, spending increased 10.9 percent, as tobacco consumption recovered from a tax hike implemented last year

[THE INVESTOR] Samsung Heavy Industries will issue 159.12 million new shares with the aim of raising about 1.1 trillion won (US$984 million).The plans were approved in a board of directors meeting held Aug. 19, following a shareholders meeting. The board set the issue price at 6,920 won, a discount of 20 percent from the current market price. The price will be finalized Nov. 2. The board also approved the plan to allocating 20 percent of the new shares to employee shareholders. The new shares wi

[THE INVESTOR] The creditors of STX Corporation on Aug. 19 denied reports they are preparing to open bids for the company.STX Corporation was the holding company of STX Group, and is currently under creditors’ control. Korea Development Bank holds the largest share, 39.59 percent, of the company. Including stakes held by other creditor banks, STX Corporation is 70.55 percent controlled by creditor banks. In response to the Korea Exchange’s request for verification, the creditors said that althou

[THE INVESTOR] Samsung Heavy Industries CEO Park Dae-young said on Aug. 19 the company may offer project management and operating and maintenance services.Speaking at a shareholders meeting, Park said that such services are being considered as new business opportunities. “There were many requests for operating and maintenance services from shipowners, but a large part (of operating and maintenance services) is going to Singapore,” Park said.  Samsung Heavy CEO Park Dae-young“If we, who know the

[THE INVESTOR] Samsung Heavy Industries on Aug. 19 raised the ceiling on the number of shares it can issue by 200 million, in preparation for raising capital.With the changes, the maximum number of shares the company can issue has been raised to 500 million. Hit by the industry’s prolonged slowdown, Samsung Heavy plans to raise about 1 trillion won (US$900 million). According to a review by Samjong KPMG, Samsung Heavy could face a liquidity shortage of 1.6 trillion won in the worst-case scenario

[THE INVESTOR] KB Investment & Securities is to be selected to oversee the initial public offering of Jeil Holdings, local media reported Aug. 19.Jeil Holdings is the holding company of Harim Group, a South Korean livestock and animal feed group. Harim’s subsidiaries also include shipping line Panocean, formerly STX Panocean. According to reports citing unnamed finance industry sources, Harim Group will hold a board of directors’ meeting on Aug. 24 and confirm KB Investment & Securities for the

[THE INVESTOR] Samsung Life Insurance’s plans to raise its stakes in financial affiliates is again adding weight to speculation the company is seeking to become the holding firm for Samsung Group’s finance subsidiaries. Samsung Life plans to acquire 9 percent of Samsung Fire and Marine Insurance shares held by the company. The deal would raise Samsung Life’s stakes in Samsung Fire and Marine to about 24 percent. In addition, Samsung Life will acquire 9 percent of Samsung Securities currently hel