This move reflects Erae’s desire to increase its presence in China by strengthening cooperation with China’s deep-pocketed company. Erae Automotive signed an agreement to sell a 50-percent stake in its automotive air-conditioning business to HT-SAAE, a subsidiary of CASC.
To this end, Erae will divide itself into two parts--automotive electronics as well as chassis and air-conditioning business. The board of directors for the automotive air-conditioning business will be established on a 50:50 basis between Erae and HT-SAAE but the CEO will be appointed by Erae.
Erae’s automotive air-conditioning business has annual sales of about 500 billion won. The corporate value of the air-conditioning business is estimated at several hundreds of billions of won.
The life insurance arm of South Korea’s Shinhan Financial Group will allocate more than 90% of its assets under management to loans and bonds to earn stable interest incomes, and invest the remainder in stocks and alternative assets for higher&hellip
South Korea’s top financial regulator will cut reserve requirements by half for insurance firms’ cross-border infrastructure assets from as early as June, paving the way for domestic insurers to boost overseas alternative investments. The Financial Supervisory Service (FSS) is working&hellip
The Government Employees Pension Service (GEPS) has awarded overseas private debt fund mandates for opportunistic strategies to Apollo Global Management and Cerberus Capital Management to invest up to $160 million, according to the South Korean pension fund on March 24.&hellip