[Market Now] Hite Jinro Holdings fails to reach deal to sell subsidiary

Hite Jinro Holdings, the parent company of alcoholic beverage maker Hite Jiro, said it has ended negotiations with Changhae Ethanol for selling its wholly owned subsidiary Hite Jinro Ethanol, a soju raw materials maker.

In a public filing, Hite Jinro Holdings said it has failed to narrow the differences with the bio-ethanol producer on sales conditions.

However, Hite Jinro Holdings will continue its efforts to sell Hite Jinro Ethanol, the company said.

By Kim Yoon-mi (yoonmi@heraldcorp.com)