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Kumho & Co., holding entity of South Korean conglomerate Kumho Asiana Group purchased back an entire stake in Kumho Busline Co. (formerly Kumho Express) at 437.5 billion won (384.3 million) two years after it was forced to sell the business to finance its acquisition of Kumho Industrial Co.
According to Kumho Asiana Group on Friday, Kumho & Co. acquired a 100 percent stake in Kumho Busline from private equity Consus KHB at 437.5 billion won by exercising its call option. The group paid for the purchase with 252.5 billion won out from its pocket and 185.0 billion won separately raised for the acquisition. It is reported that it secured nearly 80 billion by borrowing the fund with its full stake in Asiana Airlines Inc. as a collateral for business operation in the second half.
With Kumho Busline back under Kumho Asiana Group’s wing and having secured liquidity for Kumho Industrial, the group’s chairman Park Sam-koo now would be able to focus his efforts on the Kumho Tire trademark issue, said an unnamed industry official.
Kumho Asiana Group that owns the trademark rights to Kumho Tire recently has demanded China’s Doublestar Tyre to pay trademark fees for Kumho Tire and has complicated Kumho Tire creditors' attempt to sell the Korean tire company to Doublestar Tyre. In turn, creditors have said they would provide no more support for the cash-strapped tire company if the ongoing deal falls apart and would seek to oust executives of Kumho Tire including Park in addition to depriving the chairman of his purchasing rights to Kumho Tire and reexamine financial transactions with other Kumho companies. The group has until early July to hammer down its differences with the creditors or Kumho Tire would head for a bankruptcy court.
Kumho Busline is Korea’s No. 1 express bus company that posted a net profit of 46.7 billion won on sales of 375.4 billion won last year. Kumho Asiana Group sold off Kumho Busline to Consus KHB with a call back option in 2015 in order to finance its acquisition of Kumho Industrial Co.
The acquisition of Kumho Busline has provided a foothold for the group to rebuild itself, said an unnamed Kumho Asiana Group official, adding that Kumho Busline is expected to improve Kumho & Co.’s financial health.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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