Dongwon Group decided to sell non-core businesses of Dongbu Express, including Dongbu Bus and Dongbu Rent-a-car. This decision came in less than one month after Dongwon Group acquired the management control of Dongbu Express on February 1.
The move is part of the group's efforts to focus more on its core logistics business, as well as reduce the financial burden arising from its acquisition of Dongbu Express.
According to industry sources on February 15, Dongwon Industries is now in the process of selecting a lead manager for the sales of non-core businesses run by Dongbu Express, including Dongbu Bus, Dongbu Rent-a-car, and an 11.11-percent stake in Seoul Express Bus Terminal.
Dongbu Bus and Dongbu Rent-a-car are profitable businesses each generating annual sales of around 110 billion won. The book value of the 11.11-percent stake in Seoul Express Bus Terminal located in Seoul's busy commercial area in Gangnam, is estimated at around 130 billion won. Dongwon hopes to sell such assets through a package deal at a price of around 200 billion won.
The National Pension Service (NPS) will further increase the proportion of overseas investment to around 40% of its assets by end-2022 with a higher share of global equities, according to its mid-term asset allocation plan. The share of global investment&hellip
South Korea’s leading asset owners are planning to expand private debt investment this year in pursuit of medium risks and medium returns, setting their eyes on direct lending and mezzanine notes. In a recent poll of the country’s 20 institutional&hellip
Jae-Sang Kim, who had worked with National Pension Service’s (NPS) Chief Investment Officer Myoun-Wook Kang in asset management firms for several years, was appointed on May 24 to lead the global alternative investment division of the $500 billion pension fund. NPS&hellip