SEOUL, KOREA - Ssangyong Cement Industrial Co., Korea's largest cement producer, will soon be out on the market. Following the footsteps of Tongyang Cement, the No. 2 producer, it is expected to change the whole industry landscape.
Korea Development Bank, the principal creditor bank of Ssangyong Cement, sent letters to fellow creditors such as Shinhan Bank, Seoul Guarantee Insurance Co., and Han & Co. asking whether to sell off a 46.83-percent stake in Ssangyong.
The single largest shareholder to Ssangyong Cement had been Japan's Taiheiyo Cement with a 32.36-percent stake. But the current creditors became the largest shareholders in 2005 when the cement manufacturer graduated from a workout program through a massive debt-to-equity swap.
Given the current market value and goodwill premium, the selling price would be in the range of 600 billion won. A creditor bank official said, "There is no reason for creditors not to sell the stake in a situation where the company share price is at a five-year high."
The average market share of Ssangyong Cement for the past three years was 22 percent. Its sales revenue last year was 2.06 trillion won and the operating profit for the first half of this year was 70.8 billion won. This is up 76.5 percent from the same period last year when the figure was 40.1 billion won.
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