Korea Asset Management Corporation (KAMCO) will sell off 211.1 billion won worth of state-owned securities through a public auction via OnBid (www.onbid.co.kr) starting on Dec. 16.
The securities to be sold include a total of 52 companies, including 12 construction companies, 13 manufacturing companies, seven real estate companies, nine wholesale and retail companies, and 11 companies in other industries.
Among them, KMTC, Giheung Tourism Development and Jisan Resort Co. have strong profitability and financial soundness and are expected to draw a lot of interest from end users.
The bid for the sale of unlisted securities will be conducted in four rounds, starting from 100 percent of the estimated price of each sale.
For stocks that failed in the bidding by the second round, the bidding will proceed with a 10 percent cut off the estimated price of each sale. Items that have been bid on more than twice can be contracted until the next round of bids under certain conditions.
However, some securities, such as Kasco Korea, will be auctioned up to six times.
“Persons who have paid national taxes (inheritance tax and gift tax among others) on unlisted securities pursuant to the Enforcement Decree of the State-Owned Property Act (persons who paid taxes in kind and persons who are jointly and severally liable for tax payment) and persons who are family members of the persons who paid taxes in kind under the Civil Code will not be allowed to purchase the unlisted securities for less than the value of the taxes paid in kind,” per the rules.
Bidders must deposit five percent of their bid amounts into a designated virtual account during the bid period through OnBid.
If they win their bids, they must conclude their stock purchase within five days of the date of the bid. They must pay in full within 60 days.
However, if the sale amount of each stock is more than 500 million won, the successful bidder may pay the price in installments by setting a payment schedule.
Meanwhile, KAMCO lent and sold a total of 441 state-owned real estate properties through OnBid (www.onbid.co.kr) for three days in early December.
Ceremony to Celebrate Export of BEF Smart Farm No. 9 to Poland
KAMCO and nine other public institutions in Busan held a ceremony to celebrate the export of the ninth BEF Smart Farm to Poland, with support from Busan Economic ESG Fund (BEF) in front of the Busan International Financial Center (BIFC) on Nov. 29.
BEF is a fund raised by nine public organizations in Busan to support the creation and sustainable growth of local industrial ecosystems in the city.
The BEF-Global Bridge Overseas Expansion Support Project supported the creation of BEF Smart Farm No. 9.
It is a facility that can be moved to a desired area by creating a smart farm inside a reused container box.
Cube Farm is the manufacturer of the 9th BEF Smart Farm.
It signed an export contract with the Polish non-profit corporation Food Bank in early November.
Business Agreement with Korea Shipowners’ Association
KAMCO signed a Memorandum of Understanding with the Korea Shipowners’ Association at the Shipping Building in Seoul on Nov. 29 to revitalize ship financing and advance specialties.
The MOU was signed to boost the international competitiveness of Korean oceangoing ships by making good use of the expertise and networks of KAMCO and the Korea Shipowners’ Association.
Under the agreement, the two organizations will team up to explore ways to improve ship financing, identify trends in the shipping industry, conduct joint research and promote ESG management among shipping companies.
KAMCO expects to contribute to strengthening support for Korean oceangoing vessels which suffered from recent volatility in the shipping market and spreading sustainable management for them by boosting the efficiency of KAMCO ship finance together with the Korea Shipowners’ Association through this agreement.
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