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Hyundai awards record-high W2.5b to archery Olympians

Sept 2, 2016

[THE INVESTOR] The national archery team that swept the 2016 Rio Olympics was rewarded with a total of 2.5 billion won (US$2.23 million), the highest amount in the history, Korea Archery Association and Hyundai Motor Group announced on Sept. 1. The South Korean archers won gold medals in all four categories at the Rio Games, the first in Olympics’ history, and the six athletes -- including Chang Hye-jin, Ku Bon-chan and Ki Bo-bae -- and coaching staff were granted prize money. Hyundai Motor Grou
Korea Asset Investment Securities enters PEF market

Sept 2, 2016

[THE INVESTOR] Korea Asset Investment Securities announced on Sept. 2 that it has registered as an asset management company for private equity funds at the Financial Services Commission. This is the third stock brokerage firm to list itself as a PEF specialist. NH Investment and Securities was the first, completing the registration in July. Kyobo followed suit and about a dozen more are reportedly joining the move. Securities firms have been allowed to manage PEFs funds since August.By Hwang You
IBM’s Watson to debut at Seoul’s Gil Medical Center

Sept 2, 2016

[THE INVESTOR] IBM’s cognitive computing system Watson will start seeing patients at Gachon University Gil Medical Center in Seoul next week, the first for a South Korean medical facility, the Asia Business Daily reported on Aug. 2. The supercomputer has been directly provided by IBM Global and thus will communicate with the doctors in English, unlike Avril Watson that is being developed in cooperation with SK C&C to speak Korean. Watson is already being utilized at renowned hospitals including
Samsung firms cancel W1.5tr contract in Kazakhstan

Sept 2, 2016

[THE INVESTOR] Samsung C&T (028260) and Samsung Engineering (028050) announced on Sept. 1 that their 1.4 trillion won (US$1.25 billion) contract to build a thermal power plant in Balkhash, Kazakhstan has been canceled. As the other party of the contract did not issue notice to proceed, the companies have notified cancellation of the contract, they explained.Samsung C&T signed the contract in December 2014 to participate in the Kazakhstan government’s scheme to build a 1,320 megawatt coal-fueled
Chinese firm acquires UP Chemical for W197b

Sept 2, 2016

[THE INVESTOR] Woori Private Equity has sold its 96.28 percent stake in UP Chemical to Chinese chemical company Jiangsu Yoke Technology for 197.2 billion won (US$176.28 million), according to news reports on Sept. 1.The Chinese chemical company has set up a special purpose corporation in South Korea to take over the semiconductor material manufacturer that supplies key component for DRAM semiconductors -- its biggest client is SK hynix. UP Chemical posted 21.2 billion won in operating profit and
Imported tobacco sales rebound in H1

Sept 1, 2016

[THE INVESTOR] A total of 753 million packs of imported cigarettes were sold in the first half of this year, according to the industry on Aug. 31. This is a 16 percent hike from the same period last year, showing that the major foreign tobacco companies -- Philip Morris Korea, JT International of Japan and British American Tobacco Korea -- have bounced back to the sales volume of 2014, before prices were raised. Although their market share slightly fell to 40.6 percent from the previous half, it
Samsung C&T, Samsung Engineering's US$1b contract canceled

Sept 1, 2016

[DISCLOSURE] Samsung C&T (028260) and Samsung Engineering (028050) announced on Sept. 1 that their 1.4 trillion won (US$1.25 billion) contract to build a thermal power plant in Balkhash, Kazakhstan has been canceled. As the other party of the contract did not issue notice to proceed, the companies have notified cancelation of the contract, they explained. (theinvestor@heraldcorp.com)
Ildong Pharma’s probiotic composition effective for atopic disease

Sept 1, 2016

[THE INVESTOR] Ildong Pharmaceutical announced on Sept. 1 that ID-RHT3201, a Lactobacillus rhamnosus composition developed on its own, was found to be effective for treatment of atopic disease in animal testing.The South Korean pharmaceutical company has separated Lactobacillus rhamnosus IDCC 3201 from the intestines of infants, and tyndallized it for probiotic bacterium for those with atopic diseases. After orally administering the composition to mice with atopic dermatitis caused by house dust
NH to offer US$150m for China’s Ping An’s US investment

Sept 1, 2016

[THE INVESTOR] NH Investment Securities and Shinhan Investment are providing US$150 million acceptance financing to Ping An’s consortium for its investment in US skincare company Nu Skin Enterprises, according to news reports on Aug. 31. This is the first time South Korean securities firms are providing acceptance financing for deals between foreign companies. The securities firms as well as two major institutional investors have participated in the financing with an expected 4 percent rate of r
LG Life Science introduces filler with lidocaine in China

Sept 1, 2016

[THE INVESTOR] LG Life Science announced on Sept. 1 that it is releasing two kinds of fillers containing lidocaine, a local anesthesia, in China.The biopharmaceutical arm of LG is launching Yvoire Classic Plus and Yvoire Volume Plus, dermal wrinkle fillers equipped with the solution to relieve pain upon administration. LG has won approval for sales from China Food and Drug Administration in April, the first for an imported filler containing lidocaine. The South Korean company’s dermal filler ran
Viromed’s gene therapy for diabetic neuropathy heads into clinical trial phase 3

Sept 1, 2016

[THE INVESTOR] Viromed announced on Sept. 1 that it has secured 21 hospitals out of 25 for its US clinical trials for VM202, a gene therapy for diabetic neuropathy. The South Korean biopharmaceutical company won approval from the US Food and Drug Administration to initiate phase 3 of clinical trials in April, a world’s first for a DNA-based treatment for diabetic neuropathy. The medical condition is a type of nerve damage caused by diabetes as high blood sugar injures nerve fibers throughout the
CJ E&M paves way to export K-dramas

Sept 1, 2016

[THE INVESTOR] CJ E&M announced on Aug. 31 that its drama production subsidiary Studio Dragon has signed a partnership with global video platform DramaFever to produce South Korean dramas.The two companies will jointly plan, develop and produce two contents in three years, and will seek a range of projects including remake of existing dramas and movies. Since its establishment in 2009 in New York, DramaFever has grown to become the largest online video streaming platform that offers internation
KHNP signs MOU to complete halted Ukrainian power plant construction

Aug 31, 2016

[THE INVESTOR] Korea Hydro & Nuclear Power has signed a memorandum of understanding with National Nuclear Energy Generating Company of Ukraine to revive construction of the Khmelnitsky nuclear power plant in Kiev, it announced on Aug. 31.The construction of third and fourth units of the power plant, which can generate 1 million kilowatt per hour, was halted in 1990 after 20 percent progress made in five years. The South Korean power supplier will join hands with Ukraine’s state enterprise also k
SK D&D to gurantee W83b of building unit owners

Aug 31, 2016

[DISCLOSURE] SK D&D (210980) announced on Aug. 31 that it will guarantee an 83.2 billion won (US$74.29 million) debt of those who purchased units of its multi-use building Gangnamyeok BIEL 016. This amounts to 32.7 percent of its equity capital. (theinvestor@heraldcorp.com)
Samsung Card to repurchase stocks worth W254b

Aug 31, 2016

[DISCLOSURE] Samsung Card (029780) announced on Aug. 31 that it has decided to acquire 5.79 million shares of its own, worth 253.6 billion won (US$226.43 million) through a tender offer to stabilize stock prices and promote values. The acquisition period is between Sept. 1 and Nov. 30. (theinvestor@heraldcorp.com)