[DISCLOSURE] Cosmo Chemical (005420) announced on Aug. 29 that it will sell a building and land worth 46.09 billion won (US$41.08 million) in Seoul to KAMCO to promote efficiency of asset management and secure liquidity. This amounts to 7.31 percent of its 2015 equity capital and the due date for the transfer is Aug. 30. (theinvestor@heraldcorp.com)

[THE INVESTOR] Daesung Industrial announced on Aug. 29 that its affiliate Daesung Heat Pump and Italian fuel cell company SOLIdPower will jointly develop next generation solid oxide fuel cell systems.They have partnered to develop the 10 kilowatt SOFC system for sale in South Korea where it is yet to be applied more broadly. Established in 2006, SOLIDPower is a global leader in SOFC and for its debut in South Korea, the Italian company chose Daesung, known for its heat exchanging technology and

[THE INVESTOR] Asiana Airlines announced on Aug. 29 that it has decided not to pursue maintenance, repair and overhaul business, a joint effort with North Chungcheong Province, due to lack of feasibility.The South Korean airliner had signed a memorandum of understanding with Cheongju City government and low-cost carriers Jeju Air and Air Busan in March 2015 to invest in an MRO facility at Cheongju Airport. The city and the province were looking at eligible sites while Chungbuk Free Economic Zone

[THE INVESTOR] The Ministry of Oceans and Fisheries announced on Aug. 29 it will spend 41.4 billion won (US$36.90 million) to expand the Busan North Port to accommodate larger international cruise ships by August 2018. It will enlarge the cruise dock of the northern harbor of Busan, widening it to 45 meters from 30 meters and extend the length to 440 meters from 360 meters so that a 220,000 gross tonnage cruise ship can dock. Busan Port currently has two exclusive docks for cruise ships and the

[THE INVESTOR] Hanwha Chemical announced on Aug. 29 that its subsidiary Hanwha Advanced Materials has failed in its bid to acquire Continental Structural Plastics, a US-based automotive materials manufacturer that supplies to General Motors, Ford and Chrysler. The preferred bidder will be announced in the next few days. By Hwang You-mee (glamazon@heraldcorp.com)

[THE INVESTOR] ] Korea Eletric Power Corp. has acquired a US power plant for US$34 million from private equity firm Carlyle Group, it announced on Aug. 28.The South Korean public enterprise has signed an agreement with Carlyle’s subsidiary Cogentrix Energy Power Management to take over the entire stake of Alamosa Solar Generating Plant in Colorado on Aug. 26.The deal was financed by a corporate partnership fund created with homegrown pension and funds including National Pension Service.Establish

[DISCLOSURE] Modacom (149940) announced on Aug. 26 that it will issue convertible bonds worth 10 billion won (US$8.97 million) and offer to Sejong, Gongpyeong and Hyundai Savings Banks and Sinbad Investment. The conversion price is 11,740 won and the conversion period is between Aug. 29, 2017 and July 29, 2019.By Yun Jeong-hyeon (clareyun@heraldcorp.com)

[DISCLOSURE] DS Hi-Metal (077360) announced on Aug. 26 that its subsidiary DS UMT will be acquired by their affiliate DS Techopia to improve management efficiency. The ratio for the merger between the two firms is 1:0.67. The merger date is Oct. 31. By Yun Jeong-hyeon (clareyun@heraldcorp.com)

[THE INVESTOR] Englewood Lab, a US cosmetics developer and manufacturer, is seeking to be listed on South Korea’s secondary KOSDAQ bourse, and has turned in an application, it announced Aug. 26. The company is expecting to go public in mid-October, offering 3.5 million shares at a price band range between 6,000 won (US$5.40) and 7,000 won. The lead financial adviser is Hana Financial Investment. Established in 2004 in Englewood, New Jersey, by CEO David Chung, the skin care company supplies anti

[DISCLOSURE] Samsung Engineering (028050) announced on Aug. 26 that its affiliate Samsung Life Insurance (032830) has sold 41,635 shares between July 29 and Aug. 24, decreasing its stake to 0.04 percent. (theinvestor@heraldcorp.com)

[THE INVESTOR] The Ministry of Science, ICT and Future Planning unveiled the Software Convergence Cluster Daedeok Center at Daejeon Information and Culture Industry Promotion Agency on Aug. 26.The center will strengthen research and development of software for national defense, such as unmanned robot and surveillance patrols, based on the strategically located center’s infrastructure that connects related academies, government bodies, businesses and the military. By Hwang You-mee (glamazon@heral

[THE INVESTOR] South Korea and Russia bolstered ties Aug. 25, agreeing to work together to develop infrastructure in Russia’s far east and push forward with a free trade deal, Seoul’s Ministry of Strategy and Finance said. The agreements were reached at a South Korea-Russia joint committee meeting on the economy, science and technology held in Seoul. At the meeting, South Korea’s Deputy Prime Minister Yoo Il-ho, who also serves as finance minister, and his Russian counterpart Yuri Trutnev shared