SEOUL, KOREA - E-Land Group, Korea's apparel retailer, is disposing of its non-essential subsidiaries one by one. Following the liquidation of C&C Moksan, a real estate unit, last month, the group handed over its 56-percent stake in ad agency ALEL to a joint venture partner and sold off an e-learning company Freemont at a fire-sale price.
According to the Financial Supervisory Service on June 19, E-Land sold 400,000 shares (58.65%) in Freemont to Kim Jae-hyung, an individual investor. The total purchase price was 400,000 won, with per-share price of only 1 won. E-Land established the Internet learning company in 2007 at the cost of 2 billion won.
Earlier in May the company had liquidated C&C Moksan and sold ALEL to SM Entertainment at a token price of 1 million won. An E-Land official said, "These are moves to minimize loss in underperforming business units. From now on, we will focus on mainstay businesses including retail."
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