Kumho Group to Attract $ 1 Billion

Kumho group announced on November 10 that it would merge Kumho Tyre and Kumho Construction and attract one billion dollars in foreign capital sometime within December.
In addition, Kumho group intends to restructure its whole organization by merging other subsidiaries including Asiana Airlines and Kumho Petrochemical Co. with other companies and inducing foreign capital, all by next year.
A source at Kumho group said, ' Kumho Tyre has been discussing setting up a new company with the participation of foreign tire companies along the lines of a 50-50 merger ratio. The company plans to formally pick the final partner around November 15.'
He added that Asiana Airlines and Kumho Petrochemical Co would announce their respective merger partners as well as their plans for attracting foreign capital within the year at the earliest.